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Centenial Surgical Suture Ltd.

BSE: 531380 Sector: Health care
NSE: N.A. ISIN Code: INE405H01018
BSE 00:00 | 19 Mar 52.00 0
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52.00

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NSE 05:30 | 01 Jan Centenial Surgical Suture Ltd
OPEN 52.00
PREVIOUS CLOSE 52.00
VOLUME 1
52-Week high 82.00
52-Week low 34.90
P/E 10.77
Mkt Cap.(Rs cr) 19
Buy Price 52.00
Buy Qty 1.00
Sell Price 58.00
Sell Qty 220.00
OPEN 52.00
CLOSE 52.00
VOLUME 1
52-Week high 82.00
52-Week low 34.90
P/E 10.77
Mkt Cap.(Rs cr) 19
Buy Price 52.00
Buy Qty 1.00
Sell Price 58.00
Sell Qty 220.00

Centenial Surgical Suture Ltd. (CENTENIALSURGIC) - Auditors Report

Company auditors report

To the Members of CENTENIAL SURGICAL SUTURE LIMITED.

Report on the Indian Accounting Standards (Ind AS) Standalone Financial Statements

We have audited the accompanying Ind AS standalone financial statements of CENTENIALSURGICAL SUTURE LIMITED ("the Company") which comprise the Balance Sheet as atMarch 31 2018 and the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information.

Management's Responsibility for the Ind AS 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 Ind AS standalone financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial 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 Ind AS standalone financialstatements based on our audit.

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 thereunder.

We conducted our audit of the Ind AS financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind

AS financial statements. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the Ind AS 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 Ind AS financial statements that give a trueand fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the Ind AS financialStatements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS standalone financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thefinancial position of the Company as at March 31 2018 and its financial performanceincluding other comprehensive income its cash flows and the changes in equity for theyear 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 ouropinion proper books of account as required by the law have been kept by the Company sofar as it appears from our examination of those books; (c). The Balance Sheet theStatement of Profit and Loss and the Cash Flow Statement and the Statement of Changes inEquity dealt with by this Report are in agreement with the books of account; (d). In ouropinion the aforesaid Ind AS standalone financial statements comply with the IndianAccounting Standards notified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014; (e). On the basis of the written representationsreceived from the Directors as on March 31 2018 taken on record by the Board ofDirectors none of the Directors is disqualified as on March 31 2018 from being appointedas a Director in terms of Section 164 (2) of the Act; (f). With respect to the adequacy ofthe internal financial controls over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate Report in "Annexure B" tothis report; and (g). With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous: i. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses. ii. There were no amounts which wererequired to be transferred to the Investor Education and Protection Fund by the Company.

for M/s. A. VIJAYKUMAR & CO.

Chartered Accountants
ICAI Firm Reg. No.: 009824S
per Omprakash G. Soni
Place : Mumbai Maharashtra Partner
Date : May 29 2018 Membership No.016090

Annexure "A" to the Independent Auditors' Report

March 31 2018 (Referred to in our report of even date)

i. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets. (b) The Company has a programme ofphysical verification of its fixed assets by which all fixed assets are verified in aphased manner over a period of two years. In our opinion this periodicity of physicalverification is reasonable having regard to the size of the Company and the nature of itsassets. Accordingly a part of the fixed assets was physically verified by the managementin the current year and no material discrepancies were noticed on such verification. (c)In our opinion and according to the information and explanations given to us and on thebasis of our examination of the records of the company the title deeds of immovableproperties included in fixed assets are held in the name of the Company.

ii. The inventory except goods-in-transit and stocks lying with certain third partieshas been physically verified by the management during the year. For stocks lying withthird parties at the year-end written confirmations have been obtained. In our opinionthe frequency of such verification is reasonable. No material discrepancies were noticedon such physical verification.

iii. According to the information and explanations given to us the Company has notgranted any loans secured or unsecured to companies firms or other parties covered inthe register maintained under Section 189 of the Companies Act 2013. Accordinglyparagraph 3(iii) of the Order is not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us thereare no loans guarantees or securities in respect of which provisions of Section 185 ofthe Companies Act 2013 are applicable. Further in our opinion and according to theinformation and explanations given to us provisions of Section 186 of the Companies Act2013 in respect of loans given have been complied with by the Company.

v. The Company has not accepted any deposits to which the directives issued by theReserve Bank of India and the provisions of Sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 apply. Accordingly paragraph 3(v) of the Order isnot applicable to the Company.

vi. We have broadly reviewed the books of account maintained by the Company pursuant tothe rules prescribed by the Central Government for maintenance of cost records underSection 148(1) of the Companies Act 2013 in respect of bearings for the year ended March31 2018 and are of the opinion that prima facie the prescribed accounts and records havebeen made and maintained. However we have not made a detailed examination of the records.

vii. (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 Wealth Tax Service Tax Customs Duty Excise DutyValue Added Tax (VAT) Goods and Services Tax (GST) and other material statutory dues havebeen regularly deposited during the year by the Company with the appropriate authorities.(b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Employees' State Insurance Income Tax Sales TaxWealth Tax Service

Tax Customs Duty Excise Duty Value Added Tax (VAT) Goods and Services Tax (GST) andother material statutory dues were in arrears as at March 31 2018 for a period of morethan six months from the date they became payable.

(c) According to the information and explanations given to us there are no dues ofIncome Tax Sales Tax Service Tax Wealth Tax Excise Duty Customs Duty Goods andServices Tax (GST) and Value Added Tax.

viii. In our opinion and according to the information and explanations given to us theCompany does not have any loans or borrowing from financial institutions or banks orGovernment or dues to debenture holders during the year. Accordingly paragraph 3(viii) ofthe Order is not applicable to the Company.

ix. According to the information and explanations given to us the Company has notraised any money by way of initial public offer / further public offer / debt instrumentsand term loans. Accordingly paragraph 3(ix) of the Order is not applicable to theCompany.

x. In our opinion and according to the information and explanations given to us wereport that no fraud by the Company or on the Company by its officers and employees hasbeen noticed or reported during the year.

xi. According to the information and explanations given to us and based on ourexamination of the records of the Company the managerial remuneration has been paid /provided in accordance with the requisite approvals mandated by the provisions of Section197 read with Schedule V to the Companies Act 2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable to the Company.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with related parties are incompliance with Section 177 and Section 188 of the Companies Act 2013 where applicableand details of such transactions have been disclosed in the notes to the Ind AS financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly paragraph 3(xiv) of the Order is not applicable to theCompany.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions with Directors or persons connected with them asreferred to in Section 192 of the Companies Act 2013. Accordingly paragraph 3(xv) of theOrder is not applicable to the Company.

xvi. According to the information and explanations given to us the Company is notrequired to be registered under Section 45-IA of the Reserve Bank of India Act 1934.Accordingly paragraph 3(xvi) of the Order is not applicable to the Company.

for M/s. A. VIJAYKUMAR & CO.

Chartered Accountants
ICAI Firm Reg. No.: 009824S
per Omprakash G. Soni
Place : Mumbai Maharashtra Partner
Date : May 29 2018 Membership No.016090

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 CENTENIALSURGICAL SUTURE LIMITED ("the Company") as at March 31 2018 in conjunction withour audit of the Ind AS 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). These responsibilitiesincludes the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the orderly and efficient conduct ofits business including adherence to the Company's policies the safeguarding of itsassets the prevention and detection of frauds and errors the accuracy and completenessof the accounting records and the timely preparation of reliable financial informationas required 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 onAuditing as specified under Section

143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 Ind AS 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 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 March 31 2018 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 M/s. A. VIJAYKUMAR & CO.

Chartered Accountants
ICAI Firm Reg. No.: 009824S
per Omprakash G. Soni
Place : Mumbai Maharashtra Partner
Date : May 29 2018 Membership No.016090