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Cranex Ltd.

BSE: 522001 Sector: Engineering
NSE: N.A. ISIN Code: INE608B01010
BSE 00:00 | 26 Mar 8.80 0
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8.80

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NSE 05:30 | 01 Jan Cranex Ltd
OPEN 8.80
PREVIOUS CLOSE 8.80
VOLUME 25
52-Week high 16.74
52-Week low 6.69
P/E 8.71
Mkt Cap.(Rs cr) 5
Buy Price 8.46
Buy Qty 19.00
Sell Price 8.80
Sell Qty 475.00
OPEN 8.80
CLOSE 8.80
VOLUME 25
52-Week high 16.74
52-Week low 6.69
P/E 8.71
Mkt Cap.(Rs cr) 5
Buy Price 8.46
Buy Qty 19.00
Sell Price 8.80
Sell Qty 475.00

Cranex Ltd. (CRANEX) - Auditors Report

Company auditors report

M/s CRANEX LIMITED

Report on Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statementsof M/s CRANEX LIMITED ("the Company") which comprises the Balance Sheetas at March 31st 2019 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryinformation.

Key Audit Matters

Key Audit Matters are those matters that in our Professionaljudgement were of most significant in our audit of the standalone financial statement ofthe current period. These matters were addressed in the context of our audit of theStandalone financial Statement as a whole and in forming our opinion thereon and we donot provide a separate opinion on these matters.

Management's Responsibility for the standalone Ind AS FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these standalone financial statements that give a true and fair view ofthe financial position financial performance 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 read with Rule 7 of the Companies(Indian Accounting Standards) Rules 2015 as amended. 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 standalone Ind AS financial statements that give atrue and fair view and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our 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 thereunder.

We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the stand alone Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the stand alone Ind AS financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the standalone Ind ASfinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the

Company's Directors as well as evaluating the overallpresentation of the standalone Ind AS financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the stand alone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Ind AS financial statements give theinformation required by the Act` in the manner so required and give a true and fair viewin conformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31st 2019 and its Profit and its Cash Flow forthe year 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 of theAct we give in the "Annexure A" 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 that: a.we have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purpose of our audit; b. In ouropinion proper books of account as required by law have been kept by the Company so far asit appears from our examination of those books; c. The Balance Sheet the Statementof Profit and Loss and the Cash Flow Statement dealt with by this

Report are in agreement with the books of account; d. In ouropinion the afore said standalone Ind AS financial statements comply with the Accounting

Standards specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. e. On the basis ofwritten representations received from the directors as on March 31st 2019 taken on recordby the Board of Directors none of the directors is disqualified as on March 31st 2019from being appointed as a director in terms of Section 164 (2) of the Act;

f. With respect to the adequacy of the internal financial controlsover financial reporting of the Company with reference to these standalone Ind ASfinancial statements and the operating effectiveness of such controls refer to ourseparate Report in "Annexure B". g. With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (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 nothave any pending litigations on its financial position in its standalone Ind

AS financial statements. ii. There have been no materialforeseeable losses on long-term contracts including derivative contracts therefore noprovision is required. iii. There were no amounts which were required to betransferred to the Investor Education and

Protection Fund by the Company.

For and on behalf of
M/s PRYD & ASSOCIATES
Chartered Accountants
(Firm Registration No. : 011626N)

"Annexure A" to the Independent Auditors' Report

To the members of M/S CRANEX LIMITED

Report on the matters specified in paragraph 3 of the Companies(Auditor's Report) Order 2016 ("the Order') issued by the Central Government ofIndia in terms of section 143 (11) of the Companies Act 2013 ("the Act") asreferred to in paragraph 1 of 'Report on Other Legal and Regulatory Requirements' section.

1) (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of fixed assets; (b) The FixedAssets have been physically verified by the management in a phased manner designed tocover all the items over a period of three years which in our opinion is reasonablehaving regard to the size of the company and nature of its business. Pursuant to theprogram a portion of the fixed asset has been physically verified by the managementduring the year and no material discrepancies between the books records and the physicalfixed assets have been noticed. (c) The title deeds of immovable properties are held inthe name of the company.

2) The management has conducted the physical verification ofinventory at reasonable intervals. The discrepancies noticed on physical verification ofthe inventory as compared to books records which has been properly dealt with in the booksof account were not material.

3) The Company has not granted any loans secured or unsecured tocompanies firms Limited Liability partnerships or other parties covered in the Registermaintained under section 189 of the of the Companies Act 2013. Accordingly theprovisions of clause 3 (iii) (a) to (C) of the Order are not applicable to the Company andhence not commented upon.

4) In our opinion and according to the information and explanationsgiven to us the company has complied with the provisions of section 185 and I86 of theCompanies Act 2013in respect of loans investments guarantees and security as thereis no such transaction as mentioned in the said section.

5) As per information and explanation provided to us the Companyhas not accepted any public deposits during the year. Further we have not come across anysuch deposit(s) nor has the management reported any such deposit therefore the directiveissued by Reserve Bank of India and the provisions of sections 73 to 76 or any otherrelevant provisions of the Act and the Rules framed there under are not applicable.

6) The company is not required to maintain Cost Records undersub-section (1) of Section 148 of the Companies Act 2013. Accordingly clause (vi) ofparagraph 3 of the order is not applicable to the company.

7) (a)According to information and explanations given to usand on the basis of our examination of the books of account and records the Company hasbeen generally regular in depositing undisputed statutory dues including Provident FundEmployees State Insurance Income-Tax Sales tax Service Tax Duty of Customs Duty ofExcise Value added Tax Cess and any other statutory dues with the appropriateauthorities. According to the information and explanations given to us no undisputedamounts payable in respect of the above were in arrears as at March 31st 2019 for aperiod of more than six months from the date on when they become payable. b)According to the information and explanation given to us there are no dues of income taxsales tax service tax duty of customs duty of excise value added tax outstanding onaccount of any dispute.

8) In our opinion and according to the information and explanationsgiven to us the Company has not defaulted in the repayment of dues of loans and interestto bank. The company has not issued any debentures.

9) Based upon the audit procedures performed and the informationand explanations given by the management the company has not raised moneys by way ofinitial public offer or further public offer including debt instruments and term Loans.Accordingly the provisions of clause 3 (ix) of the Order are not applicable to theCompany and hence not commented upon.

10) Based upon the audit procedures performed and the informationand explanations given by the management we report that no fraud by the Company or on thecompany by its officers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the informationand explanations given by the management the managerial remuneration has been paid orprovided in accordance with the requisite approvals mandated by the provisions of section197 read with Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Thereforethe provisions of clause 3 (xii) of the Order are not applicable to the Company and hencenot commented upon.

13) According to the information and explanation given to us andbased on our examination of the records of the company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the Financial Statements as requiredby the applicable accounting standards.

14) Based upon the audit procedures performed and the informationand explanations given by the management the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review. Accordingly the provisions of clause 3 (xiv) of the Order are notapplicable to the Company and hence not commented upon.

15) Based upon the audit procedures performed and the informationand explanations given by the management the company has not entered into any non-cashtransactions with directors or persons connected with him. Accordingly the provisions ofclause 3 (xv) of the Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registeredunder section 45-IA of the Reserve Bank of India Act 1934 and accordingly the provisionsof clause 3 (xvi) of the Order are not applicable to the Company and hence not commentedupon.

For and on behalf of
M/s PRYD & ASSOCIATES
Chartered Accountants
(Firm Registration No. :011626N)
SD/-
(C.A P.M Mittal) Partner
(Membership No.: 094667)
Place: New Delhi
Date: 30 / 05 /2019

"Annexure B" to the Independent Auditor's Report of evendate on the Standalone Financial Statements of

M/S CRANEX LIMITED

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") as referredto in paragraph 2(f) of Report on Other Legal and Regulatory Requirements section. We haveaudited the internal financial controls over financial reporting of M/s CRANEX LIMITED("the Company") as of March 31 2019 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls.

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India.(‘ICAI').These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and 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 internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial

Controls Over Financial Reporting (the "Guidance Note") andthe Standards on Auditing issued by ICAI and deemed to be prescribed under section143(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 aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of standalone financial statements for external purposes inaccordance with generally accepted accounting principles. A company's internal financialcontrol over financial reporting includes those policies and procedures that (1) pertainto the maintenance of records that in reasonable detail accurately and fairly reflectthe transactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of standalonefinancial 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 standalonefinancial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting and such internal financialcontrols over financial reporting were operating effectively as at March 31st 2019 basedon the 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 Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For and on behalf of
M/s PRYD & ASSOCIATES
Chartered Accountants
(Firm Registration No. : 011626N)
SD
(C.A P.M Mittal) Partner
(Membership No.: 094667)
Place: New Delhi
Date: 30 / 05 /2019