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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 Members of

Centron Industrial Alliance Limited MUMBAI

REPORT ON THE IND AS FINANCIAL STATEMENTS

We have audited the accompanying Ind AS Financial Statements of CENTRON INDUSTRIALALLIANCE LIMITED ("the company") comprising of the Balance Sheet as at 31stMarch 2018 the Statement of Profit & Loss the Cash Flow Statement and the Statementof Changes in Equity for the year then ended and a summary of significant accountingpolicies & other explanatory information.

MANAGEMENT'S RESPONSIBILITY FOR THE IND AS FINANCIAL STATEMENT

The Company's Board of Directors is responsible for the preparation of these Ind ASfinancial statements in terms of the requirements of the Companies Act 2013 ("theAct") that give a true and fair view of the financial position financialperformance cash flows and changes in equity of the company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read the Companies (Indian Accounting Standards)Rules 2015 as amended. The respective Board of Directors of the company are responsiblefor maintenance of adequate accounting records in accordance with the provisions of theAct for safeguarding the assets of the company and for preventing and detecting frauds andother irregularities; the selection and application of appropriate accounting policies;making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.

AUDITOR'S RESPONSIBILITY

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. While conducting the audit we have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and the Rules made there under.

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

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Board of Directors as well as evaluatingthe overall presentation of the Ind AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

OPINION

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2018;

(b) In the case of the Statement of Profit and Loss Account of the profit for theperiod ended on that date;

(c) In the case of the Cash Flow Statement of the cash flows for the period ended onthat date;

(d) In the case of Statement of changes in equity the changes in equity for the periodended on that date

REPORT ON OTHER LEGAL AND REGULATORY REQUIREMENTS

1. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act based on the comments in the auditor's report of the company wegive in the "Annexure-B" a statement on the matters specified inparagraphs 3 and 4 of the Order.

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

a. We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose 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 the Cash Flow Statement andStatement of Change in Equity dealt with by this Report are in Agreement with the relevantbooks of account.

d. In our opinion the aforesaid Ind As financial statements comply with the AccountingStandards specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended.

e. On the basis of written representations received from the directors of the companyas on March 31 2018 taken on record by the Board of Directors of the company none ofthe directors of the company is disqualified as on March 31 2018 from being appointed asa director in terms of Section 164 (2) of the Act.

f. With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A" to this report; and

g. With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us

i. The company does not have any pending litigations which would impact its financialposition.

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

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

For S.N. KABRA & CO.
CHARTERED ACCOUNTANTS
sd/-
CA. S.N.KABRA
Partner
PLACE : INDORE M.NO : 072497
DATED : 29TH MAY 2018 FIRM REGD. NO.: 03439C

ANNEXURE - A TO THE 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 control over financial reporting of CENTRONINDUSTRIAL ALLIANCE LIMITED ("the company") as of March 31 2018 inconjunction with our audit of the Ind AS financial statements of the company for the endedon that date.

MANAGEMENT'S RESPONSIBILITY FOR INTERNAL FINANCIAL CONTROLS

The Board of Directors of the Company are responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

AUDITORS' RESPONSIBILITY

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects. Our auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 have in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31st March 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 S.N. KABRA & CO.
CHARTERED ACCOUNTANTS
sd/-
CA. S.N.KABRA
Partner
PLACE : INDORE M.NO : 072497
DATED : 29TH MAY 2018 FIRM REGD. NO.: 03439C

ANNEXURE B TO INDEPENDENT AUDITOR'S REPORT

The Annexure referred to in paragraph 1 of the Our Report of even date to the membersof CENTRON INDUSTRIAL ALLIANCE LIMITED. On the accounts of the company for the year ended31st March 2018.

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

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

(b) Fixed assets have been physically verified by the management during the year and nomaterial discrepancies were identified on such verification..

2. (a) As explained to us inventories have been physically verified during the year bythe management at reasonable intervals. No material discrepancies were noticed on suchphysical verification.

3. The company has granted secured loans amounting to Rs. 200787993/- (Previous yearRs. 200248407) to bodies corporate covered in the register maintained under section 189of the Companies Act 2013("the Act"):- a.) The terms and conditions of thegrant of such loan are not prejudicial to the company's interest. b.)The terms ofarrangements do not stipulate any repayment schedule and the loans are repayable ondemand. c.) Accordingly paragraph 3(iii)(c) of the order is no applicable to the companyin respect of repayment of the principal amount.

4. In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and 186 of the Companies Act 2013in respect of granting of loans making investments and providing guarantees andsecurities as applicable.

5. The Company has not accepted any deposits from the public covered under section 73to 76 of the Companies Act 2013. No order has been passed by the Company Law Board orNational Company Law Tribunal or Reserve Bank of India or any other Tribunal .

6. As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Act.

7. (a) According to the records of the company undisputed statutory dues includingProvident Fund Investor Education and Protection Fund Employees' State InsuranceIncome-tax Sales-tax Wealth Tax Service Tax Custom Duty Excise Duty Goods &Service Tax cess to the extent applicable and any other statutory dues have generallybeen regularly deposited with the appropriate authorities. According to the informationand explanations given to us there were no outstanding statutory dues as on 31st of March2018 for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax custom duty excise duty goods and service tax value added taxand cess which have not been deposited on account of any dispute.

8. Based on our audit procedures and on the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment ofborrowings to a financial institution bank or debenture holders or government hencereporting under clause3(viii) of the order is not applicable to the company and hence notcommented upon.

9. In our opinion and according to the information and explanations given by themanagement the Company has utilized the money raised by way of term loans during the yearfor the purposes for which they were raised. As per the information and explanations givento us the company did not raised any money by way of initial public offer or furtherpublic offer hence reporting under clause 3(ix) of the Order is not applicable and hencenot commented upon.

10. Based upon the audit procedures performed for the purpose of reporting the True andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no material fraud by the Company or on the Companyby the officers and employees of the Company has been noticed or reported during the year.

11.According to the information and explanations given to us and based on ourexamination of the records of the company the company has not paid/provided themanagerial remuneration during the year however requisite approvals mandated by theprovisions of section 197 read with Schedule V to the Companies Act 2013 has been takenby the company.

12. In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the Order are not applicable to the Company and hence not commented upon.

13.According to the information and explanations given by the management transactionswith the related parties are in compliance with section 177 and 188 of the Act whereapplicable and the details have been disclosed in the notes to the financial statementsas required by the applicable accounting standards.

14. According to the information and explanations given to us and on an overallexamination of the balance sheet the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year andhence reporting requirements under clause 3(xiv) are not applicable to the Company andnot commented upon.

15. According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of the Companies Act 2013.

16. According to the information and explanations given to us we report that theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For S.N. KABRA & CO.
CHARTERED ACCOUNTANTS
sd/-
CA. S.N.KABRA
Partner
PLACE : INDORE M.NO : 072497
DATED : 29TH MAY 2018 FIRM REGD. NO.: 03439C