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Century Extrusions Ltd.

BSE: 500083 Sector: Metals & Mining
NSE: CENTEXT ISIN Code: INE281A01026
BSE LIVE 10:27 | 05 Dec 8.43 0.40
(4.98%)
OPEN

8.43

HIGH

8.43

LOW

8.05

NSE LIVE 10:24 | 05 Dec 8.45 0.40
(4.97%)
OPEN

8.45

HIGH

8.45

LOW

8.05

OPEN 8.43
PREVIOUS CLOSE 8.03
VOLUME 67844
52-Week high 10.38
52-Week low 1.56
P/E 44.37
Mkt Cap.(Rs cr) 67.44
Buy Price 8.43
Buy Qty 2857.00
Sell Price 0.00
Sell Qty 0.00
OPEN 8.43
CLOSE 8.03
VOLUME 67844
52-Week high 10.38
52-Week low 1.56
P/E 44.37
Mkt Cap.(Rs cr) 67.44
Buy Price 8.43
Buy Qty 2857.00
Sell Price 0.00
Sell Qty 0.00

Century Extrusions Ltd. (CENTEXT) - Auditors Report

Company auditors report

To The Members of CENTURY EXTRUSIONS LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of CENTURY EXTRUSIONSLIMITED ("the Company") which comprise the Balance Sheet as at 31st March 2016and the Statement of Profit & Loss Account and Cash Flow Statement for the year thenended and a summary of 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. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made there under.

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 and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation and fairpresentation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of accounting policies used and the reasonableness of theaccounting estimates made by the Company's Directors as well as evaluating the overallpresentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion 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 2016 and its Profit and its cash flow 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 ("the Order")issued by the Central Government of India in terms of Section 143) of the Act we give inthe Annexure "A" the matters specified in paragraph 3 and 4 of the Order to theextent applicable to the Company.

2. As required by section 143(3) of the Act we report that:

2.1. We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit.

2.2. 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.

2.3. The Balance Sheet Statement of Profit & Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of the account.

2.4. In our opinion the standalone financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

2.5. On the basis of written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the director isdisqualified as on 31st March 2016 from being appointed as Director in terms of Section164(2) of the Act.

2.6. With respect to the adequacy of internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure "B".

2.7. 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 29 to the financial statements.

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

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

For A L P S & CO.
Chartered Accountants
Firm's ICAI Regn. No. 313132E
(A.K.Khetawat)
Kolkata Partner
Dated: 21st day of May 2016 Membership No. 052751

ANNEXURE A' TO THE INDEPENDENT AUDITORS REPORT

(Referred to in paragraph 1 of the Report on other legal and regulatory requirements ofthe Independent Auditor's

Report to the Members of the Company of even date):

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

(b) The management has physically verified its fixed assets at reasonable intervalswhich in our opinion is reasonable having regard to the size of the Company and nature ofits fixed assets. No material discrepancies were noticed on such verification.

(c) In our opinion and according to information and explanations given to us the titledeeds of immovable properties are held in the name of Company.

2) The inventories have been physically verified by the management during the year atreasonable intervals and discrepancies noticed on physical verification were not material.

3) The company has not granted any loans secured or unsecured to companies firmslimited liability partnership and other parties listed in the Register maintained underSection 189 of the Companies Act 2013 and therefore provisions on clauses 3(iii) of theOrder are not applicable to the Company.

4) In our opinion and according to the information and explanations given to us theCompany has neither given any loans nor has any investments and therefore provisions ofclause (iv) of the Order are not applicable to the Company.

5) In our opinion and according to information and explanation given to us during theyear the Company has not accepted any deposits from the public as defined under sections73 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder and therefore provisions on clauses 3(v) of the Order are not applicable to theCompany.

6) The Company has maintained the cost records as prescribed by the Central Governmentunder sub section (1) of section 148 of the Act.

7) (a) According to the records of the Company the Company is regular in depositingundisputed statutory dues including Provident Fund Employees State Insurance Income TaxSales Tax Service Tax Custom Duty Excise Duty Value Added Tax Cess and any otherstatutory dues applicable to it except for few cases where there was delay in depositingof Provident Fund and Employees State Insurance Contribution with the appropriateauthorities. According to information and explanations given to us there are noundisputed amounts payable in respect of aforesaid dues which were outstanding as at 31stMarch 2016 for a period of more than six months from the date they became payable.

(b) The disputed statutory dues aggregating Rs.184.48 lakhs that have not beendeposited on account of matters pending before appropriate authorities are as under:

Nature of Statute Nature of Dues Amount (in INR) Period to which the amount relates Forum where dispute is pending
West Bengal Sales Tax Act 1994 State Sales Tax 3.63 Lakhs 2004-05 West Bengal Commercial Appellate & Revisional Board Kolkata
West Bengal Vat Act 2003 Value Added Tax 4.31 Lakhs 2009-10 & 2010-11 Joint Commissioner of Sales Tax
8.79 Lakhs 2011-12 Sr. Joint Commissioner of Sales Tax
Central Sales Tax Act 1956 Central Sales Tax 4.71 Lakhs 2004-05 West Bengal Commercial Appellate & Revisional Board Kolkata
104.52 Lakhs 2009-10 & 2010-11 Joint Commissioner of Sales Tax
53.91 Lakhs 2011-12 Sr. Joint Commissioner of Sales Tax
Service Tax Service Tax 1.05 Lakhs 2015-16 Commissioner of Appeals I
Central Excise Act 1944 Excise Duty & Interest & Penalty 3.56 Lakhs 2015-16 Commissioner of Appeals I

8) The Company has defaulted in payment of Sales Tax Loan from Government of WestBengal as detailed below. The Company has not defaulted in payment Loan borrowed fromfinancial institutions or bank or by way of issue of debentures.

Particulars Amount of default as at the balance sheet date Period of default Remarks if any
i) Name of the Lenders: Sales Tax Loan from Government of West Bengal 79 Lakhs 2 Years Since regularised

9) During the year the Company has taken term loans which have been applied for thepurposes for which they were raised.

10) In our opinion and according to information and explanations given to us duringthe year no material fraud by the Company or any fraud on the company by its officers oremployees has been noticed or reported during the course of our audit.

11) According to information and explanations given to us and based on our examinationof records of the Company the Company has paid/provided for Managerial Remuneration inaccordance with requisite approval mandated by provisions of section 197 read withschedule V of the Act.

12) The Company is not a Nidhi Company and therefore provisions of clause 3(xii) of theorder are not applicable to the Company.

13) According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with section 177 and 188 of the Act where applicable and the details of suchtransactions have been disclosed in the Financial Statements as required by theapplicable accounting standards.

14) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and therefore provisions ofclause 3(xiv) of the order are not applicable to the Company.

15) According to information and explanation given to us and based on our examinationof the records of the Company the Company has not entered into any non-cash transactionswith directors or persons connected with him during the year and therefore provisions ofclause 3(xv) of the order are not applicable to the Company.

16) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For A L P S & CO.
Chartered Accountants
Firm's ICAI Regn. No. 313132E
(A.K.Khetawat)
Kolkata Partner
Dated: 21st day of May 2016 Membership No. 052751

ANNEXURE B' TO THE INDEPENDENT AUDITORS REPORT

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

We have audited the internal financial controls over financial reporting of CENTURYEXTRUSIONS LIMITED ("the Company") as of 31 March 2016 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

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'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' 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 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.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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.

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

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 financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on 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 31 March 2016 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 A L P S & CO.
Chartered Accountants
Firm's ICAI Regn. No. 313132E
(A.K.Khetawat)
Kolkata Partner
Dated: 21st day of May 2016 Membership No. 052751

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