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Centerac Technologies Ltd.

BSE: 531621 Sector: IT
NSE: N.A. ISIN Code: INE157B01026
BSE 00:00 | 01 Aug 3.20 0
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NSE 05:30 | 01 Jan Centerac Technologies Ltd
OPEN 3.20
PREVIOUS CLOSE 3.20
VOLUME 2710
52-Week high 3.20
52-Week low 1.86
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 3.20
CLOSE 3.20
VOLUME 2710
52-Week high 3.20
52-Week low 1.86
P/E
Mkt Cap.(Rs cr) 4
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Centerac Technologies Ltd. (CENTERACTECH) - Auditors Report

Company auditors report

To

The Members of

Centerac Technologies Limited

Report on the audit of the financial statements (Standalone)

Opinion

We have audited Ibe accompanying financial statements of M/s Conterac TechnologiesLimited ('the Company' ) which comprise the balance sheet as at March 31 2021 and theStatement of Profil and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and statement of cash ffows for the year ended on that dale and notes tothe financial statements including a summary of significant accounting policies and otherexplanatory information

In our opinion and (o the Dost of our information and according to Ihe explanationsgiven to us the afoiesaio financial statements give the information required by lireCompanies Act 2013 ('Aof) in the manner so required and give a true and fair view inconformity with Ihe accounlmg principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 its profit & Loss (including the OtherComprehensive Income). Statement of Changes in Equity and cash hows for the year ended Onlhal date

Basis for opinion

We conducted our audil in accordance with the standards on auditing specified undersection 143 (10) of the Companies Act 2013. Our responsibilities under those Standardsare further described in the auditor's responsibilities for the aud t of me financialstatements section of our report. We ure Independent of me Company in accordance with Mrecode oi ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under Iheprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the code of ethics

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our opinion

Information other than the financial statements and auditors' report thereon

The Company's board of directors i& responsible for the preparation of the otherinformation The othei information comprises the information included in the Boards Reportincluding Armexures to Board's Report Business Responsibility Reporl but does not rnefudethe financial statements and our auditors 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 olher information and. in doing so. consider whether the other information r&materially inconsistent with the standalone financial statements or our Knowledge obtainedduring the course of our audii or otherwise appears to be materially misstated

If based on Ihe work we have performed we conclude that Ihera is a materialmrsstatemenl of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's responsibility for the financial statements

The Company's board of cirectors are responsible for Ihe matters staled in secljon 134(5) of the Act with respect to the preparation of these financial statements that gwe atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the accounting standards specified under section T33 of the Act Thisresponsibility also includes maintenance or adequate accounting records in acco'dance withthe provisions of the Act for safeguarding of the assets of the Company and for preventingand detecting bauds and other irregularities selection and application of appropriateaccounting policies making judgments and estimates Ihal are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial contiols. that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to Ihe preparation and presentation of the financial statement that givea true and fair view and are free from materiat misstatement whether due to fraud orerror.

In preparing the financial statements management is responsible far assessing the Company'sability to continue as a going concern disclosing as applicable matters related togoing concern and using the going concern basis of accounting unless management eitherintends to liquidate the Company or to cease operations or ha3 r.o realistic alternativebut to do so.

The board nf electors is also responsible for overseeing the Company's financialsporting process

Auditor's responsibilities for the audit of the financial statements

Our objectives are to octain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an audilor's repoit that includes our opinion Reasonable assurance is a highlevel of assurance but is not a guarantee 1ha1 an audit conducted In accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromFraud or erroi and are considered material if individually or rn the aggregate. Ibeycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements

As pari of an audit in accordance with SAs we exeicise professional judgment andmaintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstalemeni 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 torour opinion The risk of not defecting a material misstatement resulting from fraud ishigher than for one resulling from error as fraud may involve collusion forgeiy.mtontiona' omissrons misrepresentations or the override of the internal control.

- Obtain- an understanding of internal control relevant to the audit in order to designaudil procedures that are appropriate in Ihe circumstances. Under section I43(3)(i) of theCompanies Act. 2013 we are also lesponsible for expressing our opinion cn 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 reasonablenessof accounting estimate and related disclosures made by management

- Conclude on the appropriateness of managements use of Hie going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertainlyexists related to events or conditions that may casl significant doubt on the Company sability to continue as a going concern ffwe conclude that a material uncertainty existswe are requTod to draw attention In our aud-tor's report to the rented discfosuteS In lhafinancial statements or if such disclosures are inadequate lo modify our opinion Outconclusions are based on the audit evidence obtained up to the date oF our auditor'sreport However. fu1me events or conditions may cause the Com party to cease to continue asa going concern.

* Evaluate the overall presentation structure and content of the tinanc-ai statementsincluding the disclosures and whether the financial statements represent Ihe underlyingtransactions and events in a manner that achieves fair presentation

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

We also provide those charged with governance wrth a statement ihat 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 safeguaids. From the mailers communicated wrththose charged with governance we determine those matters Ihat were of most significancetn the audit of the financial statements of the current period and are therefore Ihe heyaudit matters. Wo describe these matters in our auditors report unless lav/ or regulationprecludes public disclosure about the matter or when rn extremely rare circumstances wedetermine that a matter shoutd not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication

Report on other legal and regulatory requirements

As required by the Companies (Auditor's Report) Order 2016 flhe Order1)issued by the Central Government of Indie in terms of sub-section (11) of section 143 ofthe Companies Act 2013. we give in the Annexme "A" a statement on the mattersspecified in paragraphs 3 and 4 of the Order to Ihe extent applicable

As requrred by Section 143(3) of Ihe Act. we report that:

(a) We have sought and obtained aft the information and explanations which to the bestof our knowledge and belief were necessary for 1 he purposes of our audit;

(b) In our opinion. proper books of account as required by law have been kept by IheCompany so far as it appears from our examination of llio&e books

(c) The balance sheet the statement of profit and Joss including Gther ComprehensiveIncome and the cash flow slatemenl dealt with by this report are in agreement with thebooks of account;

(d) fn our opinion. Ihe aforesaid financial statements comply with the Ind AS specifiedunder section 133 of the Act read wilh rula 7 of Ibe Companies (Accounts) Rules 2C14:

(e) On the basis of the written representations received from the directors as on March31 2021 taken on record by the board of directors none of the directors is disqualifiedas on March 31 2021 from being appointee as a director in terms of Section 164 (2) of theAct;

(f) With respect to the adequacy of the internal financial control over financialreporting of the Company and the operating effectiveness of such controls refer lo ourseparate Report in ‘Annexure Br'

(g) With respect to the other matters lo be included in the Auditor's Report maccordance wilh Rule 11 of the Companies (Audit and Auditors) Rules. 2014 in our opinionand te Ihe best of our information and according to the explanations given te us;

i The Company has no impact of pending Litigation on !s financial position in itsfinancial statement.

ii The Company d'd not have any long term contracts including derivative contacts torwhich ihere were any material foreseeable losses; and

III. There has not been an occasion in case of the Company during the year under reportto transfer any sums to the investor Education and Protection Fund. The question ofdelay in transferring such sums does not arise.

Annexure "A" to the Independent Auditor's Report

(Referred to in paragraph 1 under 'Report on other legal and regulatory requirements'section of our repoM to the members of M/s. Centarac Technologies Limited of even dale.l

1. In respect of the company's fixed assets:

i The Company has maintained proper iecurds showing full particulars includingquantitative details ana situation of Property plant and Equipment.

ii The Property plant and Equipment of the Company were physically verified in fufl bythe management cfuimg the year According to the information and explanations given to usand as examined by us. no material discrepancies were noticed on such verification.

iii. The title deeds of all the immovable progenies iwhich are included under the headProperty plant and equipment'} are held in the name of Ihe Company

2. The Company has not maintain any Inventory during the year. Hence the requirementof clause (li) of Para 3 Df the said order is not applicable to the Company.

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 ihe provisions of clauses 3p)(a). 3(iii)(b) and 3(iii)(c) of the Orderare not applicable

4. In our opinion and according to information and explanation given to us in respectof loans investments guarantees and secunty Ihe Company has complied with Iheprovisions of sedions 185 and seclion 185 of the Companies Act 2013.

5. In our opinion and according lo the information and explanations given to us theCompany has not accepted any deposits within the meaning of Sections 73 to 76 of the Actand the Companies (Acceptance of Deposits) Rules 2QH (aa amended}. Accordingly theprovisions of clause 3(v) ol the Order are not applicable

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

7. I n respect of staf utory d ues

(a) According lo information and explanation given to us and on the basis of ourexamination of ihe books ol account and records the company has delayed in depositingundisputed statutory dues of Professional Tax Payable by the Company On the basis of ourexamination of books of accounts ot company we have found that there are undisputedamounts payable in respect or which were in arrears as al 31st March2021 (or a period ofmore than Six months (ram the date on when they became payable The details of which are asfollows

Sr no Particulars Amount (in Rs.)
1 Professional Tax Payable by the Company 7566

(b) According to the information and explanations given to us and the records of thecompany examined by us there are no dues ot income-tax service tax. sales- tax customdoty excise duly Goods and Service Tax and cess etc which have not deposited on accountor any disputes.

8. According to the records of the Company examined by us and as per the informationand explanations given to us the company has not availed of any loans from any financialinstitution or banks and has not issued debentures.

9 Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way ot initial public offer orfurther public offer including debt instruments bul has raised Term Loan from Banks andFinancial Institution. Term Loan raised was utilized for Iho purpose for which it had beenraised

10 To the best of our knowledge and according lo the information and explanationsgiven to us. no fraud by ihe Company or no material fraud on the Company by its officersOf employees has beer noticed or reported during the year

11. Based upon Ihe audit procedures performed and Ihe information and explanationsgiven by the management No managerial remuneration has been paid by the CompanyAccordingly paragraph 3(xi) of the order rs not applicable.

12. The Company is not a Nidhi Company and accordingly paragraph 3 (xii) of th+- orderis not applicable to the Company.

13. According to the information and explanations given to us and based on ourexamination of ihe records of the company transaction with tho related parties ere incompliance with section 177 and 188 of ihe Act. Where applicable the details of suchtransactions have been disclosed 'n the financial statements as required by theapplicable accounting standards.

14. According to the Information and explanations giver to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private p:acemen1 of shares or fully or partly convertibledebentures during the year. Accordingly paragraph 3(xiv) of the order is not applicable.

15. According to the information ano explanations given to us and based an ourexamination of the records of tho company the company has not entered m1o non cashtransactions with directors or persons connected wilh them. Accordingly paragraph 3(xv)of the order rs not applicable

16. According to the information and explanations given to us and based on ourexamination of the recn:ds of the company the company Is dot required to be re^steredunder section 45-IA of the Reserve RanK of India Act 1&34

Armexure "B'1 to the Independent Auditor's Report on thestandalone financial statements of JVT/s Centemc Technologies Limited tor the year ended31st March 2021

Report on ttte Internal F nencbl Controls under Clause (f) or Sub-seihon 3 of Section143 of Ihe Companies Act. 2013 ("tine Act")

We have audited the internal financial controls over financial reporting of Ws CenlerdOTechnologies Limited ("the Company") ns of March 31.2021 in conjunction wrth ouraud < 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 establish my and maintaining internalfinancial controls bated cn the internal control over financial reporting criteriaestablished by the Company considering the essential component5 o1 internal conlnol staledin itie Guidance Note on Auttil of internal Financial Centrals over Financial Reportingissued by the Institute of Chartered Accountants of lrd-a These responsibilities includeItie design implementation and maintenance of adequaEe internal financial controls thatwere operating effectively for ensuring the orderly end efficientf undue" of its b.is mess including adherence to company's policies the sa leg pa: ding of its assets theprevention and detection of frauds and errors ihe accuracy and completeness of theaccounting records and itie timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility rs to express an opinion on the Company's internal financialcontrols ovor financial reporting based on our audit We conducted our audit in accordancewith the Guidance Mote on Audi! dt Internal Financial Controls Over Financial Reporting(the Guidance Note") and the Standards on Auditing issued by ICAI and deemed to bepresented under Section 143(10) of the Companies Act. 2013. to the extenl applicable to anaudit of internal financial controls both applicable to an audit of Inie-rral FinancialControls and both issued by the Institute of Chartered Accountsnte of India. ThoseStandards and the- Guidance Note require lhai we comply with ethical require manis andplan and perform the audit to obtain reasonable assurance about whelbei adequate interna!financial controls over financial reporting was established and maintained and if controlsoperated effectively In all material respects.

Our audit involves performing proceoures to obtain a unit evidence about I tie adequacyot thp internal financial controls system over financial reporting and their oDeratingeffectiveness Our audit ol internal financial controls over financial reporting includedObtaining an understanding of internal finance] controls over financial reportingassessing the risk that a male rial weariness exists and testing and evaluating ihedesign and operating effectiveness of internal control based on the assessed nsk Theprocedures selected depend up the auditor's judgment including the assessment of therisks of material misstatement of lha financial statements whether due io fraud or error

We belreve that the audit evidence we have ohtafned is sufficient and 3ppropratelo provide a basis for our audil Opinion Or1 the Company's internal financialcontrols system ove r f i na n ci al reporti ng.

Meaning of Internal Financial Controls Over Financial Reporting

A company's internal financial control over financial nepcrting is a process designedtc provide reasonable assurance regarding the reliability ol Financial reporting and thepreparation cf financial statements for external purposes In accordance wi!h generallyaccepted accouniing principles A company's internal financial control over financialreporting includes those policies and procedures that

(1)pertain to the maintenance of records that m reasonable detail accurately andfairly reflect the Lansaclions and dispositions Of the assets Of the company;

(2) provide reasonable assurance that Ira reactions are recorded as necessary to permdpreparation of financial statements in accordance with generally accepted acconnlmgprinciples and lhai receipts arrd expenditures Df the company are being made only Inaccordance with aulhonsatjons of management and directors of the company and

(3) provide reasonable assurance regard Tig prfcvenlion Or timely detecS ion ofunauthor sod acquisition use or disposition of the company's assets that couldhave a material effect on Ihe FinancaJ statements

Inherent Limitations internal financial Controls Over Financial Reporting

Because of the inherc-nl I mitaiions of internal financial controls over financialreporting mcludmg Ihe pdSflJbJIity of coIIussdti or improper management override ofcontrols material misstatements due So error or fraud may occur and nol be detected Alsuprojections oJ any evalualron of hie rnternal (mancial conlnoi's over tin antie I reporting lo future periods are subject to the hsk that the internal financialconlroE ove* financial reporti rig may become inadequate because of changes rn conaitionsor that the degree of compliance with the policies or procedures may deteriorate

Opinion

In our opinion ihe Company has jn all material respects an adequate intematfinancial controls system over financial impeding and such internal financial controlsover financial reporting were operating effectively as at March 31 2021. 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 otInternal financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India

Rajcsh B. Pandya Proprietor
Membership No: 033736
UDIN: 21033*80AAAAEE92S3
Place: Mumbai
Date: 30th June 2021
For R.B Pandya & Co Chartered Accountants
Firm Registration No 107331W

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