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Centron Industrial Alliance Ltd.

BSE: 509499 Sector: Others
NSE: N.A. ISIN Code: INE450L01024
BSE 00:00 | 04 Mar Centron Industrial Alliance Ltd
NSE 05:30 | 01 Jan Centron Industrial Alliance Ltd
OPEN 2.91
PREVIOUS CLOSE 2.91
VOLUME 8180
52-Week high 2.91
52-Week low 0.00
P/E 291.00
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.91
Sell Qty 5419243.00
OPEN 2.91
CLOSE 2.91
VOLUME 8180
52-Week high 2.91
52-Week low 0.00
P/E 291.00
Mkt Cap.(Rs cr) 29
Buy Price 0.00
Buy Qty 0.00
Sell Price 2.91
Sell Qty 5419243.00

Centron Industrial Alliance Ltd. (CENTRONINDL) - Auditors Report

Company auditors report

To

The Board of Directors

CENTRON INDUSTRIAL ALLIANCE LIMITED

Mumbai

Report on the Audit of the Financial Statements Opinion

We have audited the financial statements of CENTRON INDUSTRIAL ALLIANCELIMITED ("the company") which comprise the balance sheet as at 31st March 2020the statement of profit and loss including statement of Other Comprehensive Incomestatement of changes in equity and statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid financial statements give the information requiredby the Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 its profit changes in equity and of cashflows for the year ended on that date.

Basis of Opinion

We conducted our audit of the Ind AS financial statements in accordancewith the Standards on Auditing (SAs) as specified under section 143(10) of the CompaniesAct 2013. Our responsibilities under those Standards are further described in the'Auditor's Responsibilities for the Audit of the Ind AS Financial Statements' section ofour report. We are independent of the Company in accordance with the 'Code of Ethics'issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the Ind AS financial statements for thefinancial year ended March 31 2020. These matters were addressed in the context of ouraudit of the Ind AS financial statements as a whole and in forming our opinion thereonand we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicatein our report. We have fulfilled the responsibilities described in the Auditor'sresponsibilities for the audit of the financial statements section of our reportincluding in relation to these matters. Accordingly our audit included the performance ofprocedures designed to respond to our assessment of the risks of material misstatement ofthe financial statements.

Information Other than the Financial Statements and Auditor's ReportThereupon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the Annual Report2019-20 but does not include the Ind AS financial statements and our auditor's reportthereon.

Our opinion on the Ind AS financial statements does not cover the otherinformation and we do not express any form of assurance conclusion thereon.

In connection with our audit of Ind AS financial statements ourresponsibility is to read the other information and in doing so consider whether suchother information is materially inconsistent with the Ind AS financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Management's Responsibilities for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these Ind AS 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 ) specifiedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and 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 Internal FinancialControls with reference to Financial Statements that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

In preparing the Ind AS financial statements the Board of Directors isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless the Board of Directors either intends to liquidate the Companyor to cease operations or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibility for the Audit of Ind AS Financial Statements

Our objectives are to obtain reasonable assurance about whether the IndAS financial statements as a whole are free from material misstatement whether due tofraud or error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these Ind AS financial statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the Ind ASfinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

- Obtain an understanding of internal control relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Companies Act 2013 we are also responsible for expressing our opinionon whether the company has adequate Internal Financial Controls with reference toFinancial Statements in place and the operating effectiveness of such controls.

- Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

- Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Ind AS financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.

- Evaluate the overall presentation structure and content of the IndAS financial statements including the disclosures and whether the Ind AS financialstatements represent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the Ind ASfinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.

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 Act we give in the "Annexure-A" a statement on thematters specified in paragraphs 3 and 4 of the Order.

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were

necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other Comprehensive Income and the Cash Flow Statement and Statement ofChanges in Equity dealt with by this Report are in agreement with the books of account

(d) In our opinion the aforesaid financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended.

(e) On the basis of the written representation received from thedirectors as on March 31 2020 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2020 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.

(f) With respect to the adequacy of the Internal Financial Controlswith reference to Financial Statements over financial reporting of the Company withreference to these Ind AS financial statements and the operating effectiveness of suchcontrols refer to our separate Report in "Annexure-B" to this report.

(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) Rules2014asamended in our opinion and to the best of our information and according to theexplanations given to us:

i. The Company has no pending litigations hence the impact of pendinglitigations on its financial position in its financial statements is not disclosed.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.

ForS.N. KABRA&CO.

Chartered Accountants

Sd/-
Place : Indore CA.S.N.KABRA
Dated : 03rd September 2020 PARTNER
M. NO. 072497
FIRM REGD. NO.:03439C
UDIN : 20072497AAAAET1384

ANNEXURE-B TO THE AUDITORS' REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS UNDERCLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THEACT")

We have audited the internal financial control over financial reporting of CENTRONINDUSTRIAL ALLIANCE LIMITED (hereinafter referred to as 'the company') as of 31st March2020 in conjunction with our audit of the Ind AS financial statements of the Company forthe year ended on that date.

MANAGEMENT'SRESPONSIBILITYFORINTERNALFINANCIALCONTROLSWITHREFERENCETOFINANCIALSTATEMENTS

The Respective Board of Directors of the Company are responsible for establishing andmaintaining Internal Financial Controls with reference to Financial Statements based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls with reference to Financial Statements over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate InternalFinancial Controls with reference to Financial Statements that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's Internal FinancialControls with reference to Financial Statements over financial reporting based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls with reference to Financial Statements over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of Internal Financial Controls with reference to Financial Statements bothapplicable to an audit of Internal Financial Controls with reference to FinancialStatements and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate InternalFinancial Controls with reference to Financial Statements over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls with reference to Financial Statements system overfinancial reporting and their operating effectiveness. Our audit of Internal FinancialControls with reference to Financial Statements over financial reporting includedobtaining an understanding of Internal Financial Controls with reference to FinancialStatements over financial reporting assessing the risk that a material weakness existsand testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements 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 withreference to Financial Statements system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS OVERFINANCIAL 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 Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS OVER FINANCIALREPORTING

Because of the inherent limitations of Internal Financial Controls with reference toFinancial Statements over financial reporting including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the Internal FinancialControls with reference to Financial Statements over financial reporting to future periodsare subject to the risk that the internal financial control over financial reporting maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

ANNEXURE-B TO THE AUDITORS' REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS UNDERCLAUSE (I) OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THEACT")

We have audited the internal financial control over financial reporting of CENTRONINDUSTRIAL ALLIANCE LIMITED (hereinafter referred to as 'the company') as of 31st March2020 in conjunction with our audit of the Ind AS financial statements of the Company forthe year ended on that date.

MANAGEMENT'SRESPONSIBILITYFORINTERNALFINANCIALCONTROLSWITHREFERENCETOFINANCIALSTATEMENTS

The Respective Board of Directors of the Company are responsible for establishing andmaintaining Internal Financial Controls with reference to Financial Statements based onthe internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls with reference to Financial Statements over FinancialReporting issued by the Institute of Chartered Accountants of India ('ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate InternalFinancial Controls with reference to Financial Statements that were operating effectivelyfor ensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's Internal FinancialControls with reference to Financial Statements over financial reporting based on ouraudit. We conducted our audit in accordance with the Guidance Note on Audit of InternalFinancial Controls with reference to Financial Statements over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of Internal Financial Controls with reference to Financial Statements bothapplicable to an audit of Internal Financial Controls with reference to FinancialStatements and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate InternalFinancial Controls with reference to Financial Statements over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe Internal Financial Controls with reference to Financial Statements system overfinancial reporting and their operating effectiveness. Our audit of Internal FinancialControls with reference to Financial Statements over financial reporting includedobtaining an understanding of Internal Financial Controls with reference to FinancialStatements over financial reporting assessing the risk that a material weakness existsand testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements 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 withreference to Financial Statements system over financial reporting.

MEANING OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIAL STATEMENTS OVERFINANCIAL 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 Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorizations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial statements.

INHERENT LIMITATIONS OF INTERNAL FINANCIAL CONTROLS WITH REFERENCE TO FINANCIALSTATEMENTS OVER FINANCIALREPORTING

Because of the inherent limitations of Internal Financial Controls with reference toFinancial Statements over financial reporting including the possibility of collusion orimproper management override of controls material misstatements due to error or fraud mayoccur and not be detected. Also projections of any evaluation of the Internal FinancialControls with reference to Financial Statements over financial reporting to future periodsare subject to the risk that the internal financial control over financial reporting maybecome inadequate because of changes in conditions or that the degree of compliance withthe policies or procedures may deteriorate.

OPINION

In our opinion the Company have in all material respects an adequate InternalFinancial Controls with reference to Financial Statements system over financial reportingand such Internal Financial Controls with reference to Financial Statements over financialreporting were operating effectively as at 31st March 2020 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls with reference to Financial Statements Over Financial Reporting issued by theInstitute of Chartered Accountants of India.

ForS.N. KABRA&CO.

Chartered Accountants

Sd/-
Place : Indore CA.S.N.KABRA
Dated : 03rd September 2020 PARTNER
M. NO. 072497
FIRM REGD. NO.:03439C
UDIN : 20072497AAAAET1384

.