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Centenial Surgical Suture Ltd.

BSE: 531380 Sector: Health care
NSE: N.A. ISIN Code: INE405H01018
BSE 16:01 | 05 Dec 56.60 2.60
(4.81%)
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56.55

HIGH

56.60

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54.85

NSE 05:30 | 01 Jan Centenial Surgical Suture Ltd
OPEN 56.55
PREVIOUS CLOSE 54.00
VOLUME 884
52-Week high 76.00
52-Week low 43.40
P/E 22.64
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 56.55
CLOSE 54.00
VOLUME 884
52-Week high 76.00
52-Week low 43.40
P/E 22.64
Mkt Cap.(Rs cr) 21
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Centenial Surgical Suture Ltd. (CENTENIALSURGIC) - Auditors Report

Company auditors report

To the Members of CENTENIAL SURGICAL SUTURE LIMITED

Report on the Audit of the Financial Statements

Opinion

We have audited the financial statements of CENTENIAL SURGICAL SUTURE LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2022 and the Statementof Profit and Loss and Statement of Cash Flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information.

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 theCompanies Act 2013 in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2022 and its profit and its cash flows for the year ended on thatdate.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder Section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the standalone financial statements of the current period.These matters were addressed in the context of our audit of the standalone financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Particulars Description Procedures Applied
1. Inventories The value of Inventories amounting to Rs.3232.45 Lakhs represents to 52.99% of the Company's Total Assets. Inventory is considered as a Key Matter considering the risk nature and high volume of the same. Considering Inventory as a Key Matter we adopted the following measures :
Understanding the control of Management over the Inventory in regards to physical counts valuation and verification.
Evaluation of process by walk-through for understanding of controls designed and implemented from initiation stage to the final stage including estimates for derivation of net realisable value for the same.
2 Information Dependence of entity's accounting Technology (IT) and reporting processes on information systems and software makes IT a key matter. The following procedures were involved for assessment of IT as a key matter :
Understanding General IT Control i.e. access controls over key financial accounting and reporting systems including operating systems and databases.
Checking effectiveness of controls and design Test checks were performed over the audit period.
Test checks were performed over the IT infrastructure covering user access.

Information other than the financial statements and auditors' report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the standalone financial statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact. We havenothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 (changes in equity) and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under Section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

In preparing the financial statements the Board of Directors is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessthe Board of Directors either intends to liquidate the Company or to cease operations orhas no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an Auditor's Report that includes our opinion.

Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements

of the current period and are therefore the key audit matters. We describe thesematters in our auditor's report unless law or regulation precludes public disclosure aboutthe matter or when in extremely rare circumstances we determine that a matter should notbe communicated in our report because the adverse consequences of doing so wouldreasonably be expected to outweigh the public interest benefits of such communication.

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 2013 we givein 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 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 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 2022 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2022 from being appointed as a director in terms of Section 164(2) of theAct.

(f) Since the Company's turnover as per last audited financial statements is less thanRs.50.00 Crores and its borrowings from banks and financial institutions at any timeduring the year is less than Rs.25.00 Crores but being a listed Company it need to getan audit opinion with respect to the adequacy of the internal financial controls overfinancial reporting of the company and the operating effectiveness of such controls videnotification dated June 13 2017 as provided by us in "Annexure B".

(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 opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact its financial position; ii. The Company did nothave any long-term contracts including derivative contracts for which there were anymaterial foreseeable losses; and iii. There has been no delay in transferring amountsrequired to be transferred to the Investor Education and Protection Fund by the Company.

for Mahesh Chandra & Associates
Chartered Accountants
Firm's Registration No.: 112334W
Rajesh BOHRA
Partner
Mumbai Maharashtra Membership No.102587
Dated : May 28 2022 UDIN: 22102587AJUNOF7476

Annexure "A" to the Independent Auditor's Report

Referred to in paragraph 1 under ‘Report on other legal and regulatoryrequirements' section of our report to the members of

CENTENIAL SURGICAL SUTURE LTD of even date to the financials statements of thecompany for the year ended March 31 2022:

In terms of the information and explanations sought by us and given by the company andthe books and records examined by us in the normal course of audit and to the best of ourknowledge and belief we state that: -

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets; (b) The Fixed Assets have beenphysically verified by the management in a manner which in our opinion is reasonablehaving regard to the size of the company and nature of its business. Pursuant to theprogram certain fixed assets were physically verified by the management during the year.According to the information and explanations given to us no material discrepancies werenoticed on such verification; (c) According to the information and explanations given tous and the records examined by us there is a title deed of immovable property in the nameof the company; (d) The Company has not revalued any of its property plant and equipment(including Right of Use assets) and intangible assets during the year; (e) No proceedingshave been initiated during the year or are pending against the Company as at March 312022 for holding any benami property under the Benami Transactions (Prohibition) Act 1988(as amended in 2016) and rules made thereunder.

2) (a) The inventories were physically verified during the year by the Management atreasonable intervals. In our opinion and according to the information and explanationsgiven to us the coverage and procedure of such verification by the Management isappropriate having regard to the size of the Company and the nature of its operations. Nodiscrepancies of 10% or more in the aggregate for each class of inventories were noticedon such physical verification of inventories when compared with books of account. (b)According to the information and explanations given to us at any point of time of theyear the Company has not been sanctioned any working capital facility from banks orfinancial institutions on the basis of security of current assets and hence reportingunder clause (ii)(b) of the Order is not applicable.

3) According to information and explanation given to us the company has not grantedany loan secured or unsecured to companies firms limited liability partnerships orother parties covered in the register required under Section 189 of the Companies Act2013. Accordingly paragraph 3 (iii) of the order is not applicable.

4) In our opinion and according to information and explanation given to us the companyhas not granted any loans or provided any guarantees or given any security or made anyinvestments to which the provision of Section 185 and 186 of the Companies Act 2013.Accordingly paragraph 3 (iv) of the order is not applicable.

5) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits and accordingly paragraph 3 (v) of the order is notapplicable.

6) The Central Government of India has not prescribed the maintenance of cost recordsunder sub-section (1) of Section 148 of the Act for any of the activities of the companyand accordingly paragraph 3 (vi) of the order is not applicable.

7) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund employees' stateinsurance income-tax sales- tax service tax goods and service tax duty of customsduty of excise value added tax cess and other material statutory dues have beengenerally regularly deposited during the year by the company with the appropriateauthorities.

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 goods and service tax duty of customs duty of excise value added tax cessand other material statutory dues were in arrears as at March 31 2022 for a period ofmore than six months from the date they became payable. (b) According to the informationand explanations given to us and the records of the company examined by us Following aredues of Statutory nature which are under dispute :

Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Demand Amount paid under protest Reason Amount Paid Difference in Tax Calculation as per Department and the Company Amount Claimed including paid with appeal
The Central Sales Tax Act 1956 CST Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2015-2016 1080020 108002 Paid on Appeal 13780 1488083
The Central Sales Tax Act 1956 Interest Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2015-2016 1106422 NIL Not Applicable
Maharashtra Value Added Tax Act-2002 VAT Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2015-2016 NIL Not Applicable 2337126
The Central Sales Tax Act 1956 CST Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2016-2017 NIL Not Applicable 18214
Maharashtra Value Added Tax Act-2002 VAT Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2016-2017 407407 40741 Paid on Appeal 2180517 1830266
Maharashtra Value Added Tax Act-2002 Interest Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2016-2017 228149 NIL Not Applicable
Maharashtra Value Added Tax Act-2002 Penalty Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 101852 NIL Not Applicable
The Central Sales Tax Act 1956 CST Joint Commissioner +of Sales Tax Appeal Thane Appeal THA-APP-F-001 2017-2018 0 NIL Not Applicable 114320
Maharashtra Value Added Tax Act-2002 VAT Joint Commissioner of Sales Tax Appeal Thane Appeal THA-APP-F-001 2017-2018 0 NIL Not Applicable 720138 885084

8) There were no transactions relating to previously unrecorded income that weresurrendered or disclosed as income in the tax assessments under the Income Tax Act 1961(43 of 1961) during the year.

9) (a) In our opinion the Company has not defaulted in the repayment of dues todebenture holders. The Company has not taken any loans or borrowings from financialinstitutions and Government. (b) The Company has not been declared wilful defaulter by anybank or financial institution or government or any government authority. (c) The Companyhas not taken any term loan during the year and there are no unutilised term loans at thebeginning of the year and hence reporting under clause (ix)(c) of the Order is notapplicable. (d) On an overall examination of the financial statements of the Companyfunds raised on short-term basis have prima facie not been used during the year forlong-term purposes by the Company. (e) On an overall examination of the financialstatements of the Company the Company has not taken any funds from any entity or personon account of or to meet the obligations of its subsidiaries associates or jointventures. (f) The Company has not raised loans during the year and hence reporting onClause (ix)(f) of the Order is not applicable.

10) (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and has not taken any term loans during theyear. Accordingly paragraph 3 (ix) of the order is not applicable. (b) During the yearthe Company has not made any preferential allotment or private placement of shares orconvertible debentures (fully or partly or optionally) and hence reporting under Clause(x)(b) of the Order is not applicable to the Company.

11) (a) To the best of our knowledge no fraud by the Company and no material fraud onthe Company has been noticed or reported during the year.

(b) To the best of our knowledge no report under sub-section (12) of Section 143 ofthe Companies Act has been filed in Form ADT-4 as prescribed under rule 13 of Companies(Audit and Auditors) Rules 2014 with the Central Government during the year and upto thedate of this report.

12) The Company is not a Nidhi Company and hence reporting under clause (xii) of theOrder is not applicable.

13) In our opinion the Company is in compliance with Section 177 and 188 of theCompanies Act where applicable for all transactions with the related parties and thedetails of related party transactions have been disclosed in the financial statements etc.as required by the applicable accounting standards.

14) (a) In our opinion the Company has an adequate internal audit system commensuratewith the size and the nature of its business. (b) We have considered the internal auditreports issued to the Company during the year and covering the period up to March 31 2022for the period under audit.

15) In our opinion during the year the Company has not entered into any non-cashtransactions with its directors or persons connected with its directors and henceprovisions of Section 192 of the Companies Act 2013 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. Hence reporting under clause (xvi)(a) (b) and (c) of the Orderis not applicable.

17) The Company has not incurred cash losses during the financial year covered by ouraudit and the immediately preceding financial year.

18) There has been no resignation of the statutory auditors of the Company during theyear.

19) On the basis of the financial ratios ageing and expected dates of realization offinancial assets and payment of financial liabilities other information accompanying thefinancial statements and our knowledge of the Board of Directors and Management plans andbased on our examination of the evidence supporting the assumptions nothing has come toour attention which causes us to believe that any material uncertainty exists as on thedate of the audit report indicating that Company is not capable of meeting its liabilitiesexisting at the date of balance sheet as and when they fall due within a period of oneyear from the balance sheet date. We however state that this is not an assurance as tothe future viability of the Company. We further state that our reporting is based on thefacts up to the date of the audit report and we neither give any guarantee nor anyassurance that all liabilities falling due within a period of one year from the balancesheet date will get discharged by the Company as and when they fall due.

20) The Provisions of Corporate Social Responsibility (CSR) compliance are notapplicable to the entity with the provision of sub-section (6) of Section 135 of the saidAct. Accordingly reporting under clause (xx) of the Order is not applicable for the year.

for Mahesh Chandra & Associates
Chartered Accountants
Firm's Registration No.: 112334W
Rajesh BOHRA
Partner
Mumbai Maharashtra Membership No.102587
Dated : May 28 2022 UDIN: 22102587AJUNOF7476

Annexure "B" to the Independent Auditor's Report

Referred to in paragraph 2(f) under ‘Report on other legal and regulatoryrequirements' Section of our report to the members of CENTENIAL SURGICAL SUTURE LIMITEDof even date to the financials statements of the company for the year ended March 312022:

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the

Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of CENTENIALSURGICAL SUTURE Limited ("the Company") as of March 31 2022 in conjunction withour audit 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. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial

Controls Over Financial Reporting (the "Guidance Note") issued by theInstitute of Chartered Accountants of India and the Standards on Auditing prescribed underSection 143(10) of the Act to the extent applicable to an audit of internal financialcontrols. 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 judgement 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 financial reporting includes those policiesand procedures that:

(1) Pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company; (2) Providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) Provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the financialstatements.

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 to the best of our information and according to the explanations givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2022 based on the criteria forinternal financial control over financial reporting 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 Mahesh Chandra & Associates
Chartered Accountants
Firm's Registration No.: 112334W
Rajesh BOHRA
Partner
Mumbai Maharashtra Membership No.102587
Dated : May 28 2022 UDIN: 22102587AJUNOF7476

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