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Cranex Ltd.

BSE: 522001 Sector: Engineering
NSE: N.A. ISIN Code: INE608B01010
BSE 00:00 | 08 Dec 17.00 1.00
(6.25%)
OPEN

19.20

HIGH

19.20

LOW

16.55

NSE 05:30 | 01 Jan Cranex Ltd
OPEN 19.20
PREVIOUS CLOSE 16.00
VOLUME 3035
52-Week high 20.00
52-Week low 8.10
P/E 10.43
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 19.20
CLOSE 16.00
VOLUME 3035
52-Week high 20.00
52-Week low 8.10
P/E 10.43
Mkt Cap.(Rs cr) 10
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Cranex Ltd. (CRANEX) - Auditors Report

Company auditors report

TO THE BOARD OF DIRECTORS OF CRANEX LIMITED Report on Audit of Standalone FinancialStatements

Opinion

We have audited the accompanying standalone Ind AS financial statements of M/s CRANEXLIMITED ("the Company") which comprises the Balance Sheet as at March 31st 2020the Statement of Profit and Loss the Cash Flow Statement for the year ended (theStatement) being submitted by the Company pursuant to the requirements of Regulation 33ofthe SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended(the Listing Regulations) and a summary of significant accounting policies and otherexplanatory information. In our opinion and to the best of our information and accordingto the explanations given to us the aforesaid standalone annual financial results give atrue and fair view in conformity with the recognition and measurement principles laid downin the applicable accounting standards and other accounting principles generally acceptedin India of the net profit and other comprehensive income/(loss) and other financialinformation of the Company for the year ended March 31 2020.

Basis for Opinion

We conducted our audit of the financial statement in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia ("ICAI") together with the ethical requirements that are relevant to ouraudit of the financial statements under the provisions of the Act and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key Audit Matters are those matters that in our Professional judgement were of mostsignificant in our audit of the standalone financial statement of the current period.These matters were addressed in the context of our audit of the Standalone financialStatement as a whole and in forming our opinion thereon and we do not provide a separateopinion on these matters.

Emphasis on Matter

We draw your attention to Note 3 of the financial result with regard to management'sassessment about impact on Company/Group operations due to Covid-19 Pandemic outbreak andlockdown. The management apart from considering the internal and external information upto the date of approval of this financial statement the company has also performedsensitivity analysis on the assumptions used. The impact of the global health pandemic maybe different from that estimated as at the date of approval of these financial statements.Considering the continuing uncertainties the Management will continue to monitor anymaterial changes to future economic conditions.

Our report is not modified in respect of this matter.

Board of Directors' Responsibilities for the Standalone financial results

The Company's Board of Directors is responsible for the matters stated in Section134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (IndianAccounting 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 these 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 for the Audit of the Annual Standalone Financial Results

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit. We have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe stand alone Ind AS financial statements are free from material misstatement.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also obtain an understanding ofinternal control relevant to the audit

in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3) (i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls with reference to financialstatements in place and the operating effectiveness of such controls.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and 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 standalone Ind ASfinancial statements.

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

Information other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexure to Board's Report CorporateGovernance and Shareholder's Information but does not include the financial statementsand our auditor's 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 other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated. If based on the workwe have performed we conclude that there is a material misstatement of this otherinformation; we are required to report that fact. We have nothing to report in thisregard. The Board of Directors of the Company is responsible for overseeing the financialreporting process of the Company.

Other Matters

The Financial Results reflect total revenues of Rs. 3608.47 Lakh and Rs. 72.23 Lakhnet profit for the quarter and financial year ended 31st March 2020 and totalassets of Rs. 4329.54 lacs as considered in the consolidated financial results which havebeen audited by other auditor. The Independent auditors' reports on financial results ofthis entity has been furnished to us and our opinion on the consolidated financial

results in so far as it relates to the amounts and disclosures included in respect ofthis entity is based solely on the report of such auditor and the procedures performed byus are as stated in paragraph above.

For and on behalf of

M/s PRYD & ASSOCIATES

Chartered Accountants

(Firm Registration No. : 011626N)

SD/-

(C.A PM Mittal) Partner (Membership No.: 094667)

Place: New Delhi

Date: 30 / 07 /2020

UDIN: 20094667AAAAGP5604

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 of India in terms of section 143(11) of the Companies

Act 2013 ("the Act") as referred to in paragraph 1 of ‘Report on OtherLegal and Regulatory

Requirements' section.

1) (a) The Company has maintained proper records showing full particulars includingquantitative

details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

(c) The title deeds of immovable properties are held in the name of the company.

2) The management has conducted the physical verification of inventory at reasonableintervals. The discrepancies noticed on physical verification of the inventory as comparedto books records which has been properly dealt with in the books of account were notmaterial.

3) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the of the Companies Act 2013. Accordingly the provisions of clause 3(iii) (a) to (C) of the Order are not applicable to the Company and hence not commentedupon.

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act2013in respect of loans investments guarantees and security as there is no suchtransaction as mentioned in the said section.

5) As per information and explanation provided to us the Company has not accepted anypublic deposits during the year. Further we have not come across any such deposit(s) norhas the management reported any such deposit therefore the directive issued by ReserveBank of India and the provisions of sections 73 to 76 or any other relevant provisions ofthe Act and the Rules framed there under are not applicable.

6) The company is not required to maintain Cost Records under sub-section (1) ofSection 148 of the

Companies Act 2013. Accordingly clause (vi) of paragraph 3 of the order is notapplicable to the company.

7) (a) According to information and explanations given to us and on the basis of ourexamination

of the books of account and records the Company has been generally regular indepositing undisputed statutory dues including Provident Fund Employees State InsuranceIncome- Tax Sales tax Service Tax Duty of Customs Duty of Excise Value added TaxCess and any other statutory dues with the appropriate authorities. According to theinformation and explanations given to us no undisputed amounts payable in respect of theabove were in arrears as at March 31st 2020 for a period of more than sixmonths from the date on when they become payable.

a) According to the information and explanation given to us there are no dues ofincome tax sales tax service tax duty of customs duty of excise value added taxoutstanding on account of any dispute.

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues of loans and interest to bank. Thecompany has not issued any debentures.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company has not raised moneys by way of initial public offer orfurther public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

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 commentedupon.

13) According to the information and explanation given to us and based on ourexamination of the records of the company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the Financial Statements as required by the applicableaccounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions

of clause 3 (xiv) of the Order are not applicable to the Company and hence notcommented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not entered into any non-cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

16) In our opinion the company is not required to be registered under section 45-IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

For and on behalf of

M/s PRYD & ASSOCIATES Chartered Accountants (Firm Registration No. :011626N)

SD/-

(C.A P.MMittal) Partner (Membership No.: 094667) Place: New Delhi Date: 30 / 07 /2020

"Annexure B" to the Independent Auditor's Report of even date on theStandalone Financial Statements of M/S CRANEX LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") as referred to in paragraph 2(f) ofReport on Other Legal and Regulatory Requirements section.

We have audited the internal financial controls over financial reporting of M/s CRANEXLIMITED ("the Company") as of March 31 2020 in conjunction with our audit ofthestandalone 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 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').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 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 judgment including the assessment of the risks ofmaterial misstatement of the 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 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 standalone 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 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 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 31st 2020based on 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 PM Mittal) Partner (Membership No.: 094667)

Place: New Delhi Date: 30 / 07 /2020

.