Mar 31, 2016
To the Members of CENTENIAL SURGICAL SUTURE LIMITED
Report on the Standalone Financial Statements
We have audited the accompanying standalone financial statements of CENTENIAL SURGICAL SUTURE LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Standalone Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at March 31, 2016, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) 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 statement on the matters 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 explanations which 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 the law have been 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 and the Cash Flow Statement dealt with by this Report are in agreement with the books of account.
(d). In our opinion, the aforesaid standalone financial statements comply with the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014 and Companies (Accounting Standards) Amendment Rules, 2016.
(e). On the basis of the written representations received from the Directors as on March 31, 2016 taken on record by the Board of Directors, none of the Directors is disqualified as on March 31, 2016 from being appointed as a Director in terms of Section 164 (2) of the Act.
(f). With respect to the adequacy of the internal financial controls over financial reporting of the Company & the operating effectiveness of such controls, refer to our separate Report in âAnnexure Aâ.
(g). With respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company did not have any pending litigations;
ii. The Company did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses;
iii. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
Annexure referred to in paragraph âReport on Other Legal and Regulatory Requirementsâ of our report of even date Re: CENTENIAL SURGICAL SUTURE LMITED (âthe Companyâ)
The Annexure referred to in Independent Auditorsâ Report to the members of the Company on the standalone financial statements for the year ended March 31, 2016, we report that:
(i) [a]. The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets.
[b]. All fixed assets have not been physically verified by the management during the year but there is a regular programme of verification which, in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. No material discrepancies were noticed on such verification.
[c]. Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management, the title deeds of immovable properties are held in the name of the Company.
(ii) The management has conducted physical verification of inventory at reasonable intervals during the year and no material discrepancies were noticed on such physical verification.
(iii) According to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act, 2013. Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the Order are not applicable to the Company.
(iv) In our opinion & according to the information and explanations given to us, there are no loans, guarantees, & securities granted in respect of which provisions of Section 185 & 186 of the Companies Act 2013 are applicable and hence not commented upon. Based on our audit procedures performed for the purpose of reporting the true & fair view of the financial statements and according to information and explanations given by the management, the Company has complied with provisions of Section 186 of the Companies Act 2013 with respect to investments made during the year.
(v) The Company has not accepted any deposits from the public.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under Section 148(1) of the Companies Act, 2013, related to the manufacture of products, and are of the opinion that prima facie, the prescribed accounts and records have been made and maintained. We have not, however, made a detailed examination of the same.
(vii) [a]. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues applicable to it.
[b]. According to the information and explanations given to us, no undisputed amounts payable in respect of provident fund, employeesâ state insurance, income-tax, sales-tax, service tax, customs duty, excise duty, value added tax, cess and other material statutory dues were in arrears as at March 31, 2016, for a period of more than six months from the date they became payable.
[c]. According to the records of the Company, there are no material dues outstanding of income-tax, sales-tax, service tax, customs duty, excise duty, value added tax & cess on account of any dispute.
(viii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to information and explanations given by the management, we are of the opinion that the Company has not defaulted in repayment of dues to any bank. Further, the Company does not have any debentures and loan from financial institution or government.
(ix) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, the Company did not raise any money way of initial public offer / further public offer / debt instruments and term loans during the year. Accordingly, reporting under clause (ix) is not applicable to the Company.
(x) Based upon the audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that no fraud on or by the officers and employees of the Company has been noticed or reported during the year.
(xi) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, we report that the managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V to the Companies Act, 2013.
(xii) In our opinion, the Company is not a nidhi company. Therefore, the provisions of clause 3(xii) of the Order are not applicable to the Company.
(xiii) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, transactions with the related parties are in compliance with Section 177 and 188 of Companies Act, 2013 where applicable and the details of such transactions have been disclosed in the notes to the financial statements, as required by the applicable accounting standards.
(xiv) According to the information and explanations given to us and on an overall examination of the balance sheet, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
(xv) Based on our audit procedures performed for the purpose of reporting the true and fair view of the financial statements and according to the information and explanations given by the management, the Company has not entered into any non-cash transactions with Directors or persons connected with him. Accordingly, 3(xv) of the order are not applicable to the Company.
(xvi) According to the information and explanations given to us, the provisions of Section 45-IA of the Reserve Bank of India Act, 1934 are not applicable to the Company.
ANNEXURE âAâ TO THE INDEPENDENT AUDITORâS REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTS OF CENTENIAL SURGICAL SUTURE LIMITED. Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ).
To the Members of CENTENIAL SURGICAL SUTURE LMITED
We have audited the internal financial controls over financial reporting of CENTENIAL SURGICAL SUTURE LMITED ("the Company") as of March 31, 2016 in conjunction with our audit of the financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs Management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (ICAI). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorâs Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing as specified under Section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness.
Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A Companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A Companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
Explanatory paragraph
We also have audited, in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act, the financial statements of Company, which comprise the Balance Sheet as at March 31, 2016, and the related Statement of Profit and Loss and Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information, and our report dated May 14, 2016 expressed an unqualified opinion thereon.
For M/s. A. VIJAYKUMAR & CO.,
CHARTERED ACCOUNTANTS
ICAI Firm Reg.No.: 009824S
per Omprakash G. Soni
Place : Mumbai, Maharashtra Partner
Date : May 14, 2016 Membership No.016090
Mar 31, 2015
We have audited the accompanying financial statements of Centenial
Surgical Suture Ltd. ("the Company"), which comprise the Balance
Sheet as at March 31, 2015, the Statement of Profit and Loss, the Cash
Flow Statement for the year then ended, and a summary of the
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act, 2013 ("the Act")
with respect to the preparation of these financial statements, that
give a true and fair view of the financial position, financial
performance and cash flows of the Company in accordance with the
accounting principles generally accepted in India, including the
Accounting Standards specified under Section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014 (as amended). This
responsibility also includes maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding
the assets of the Company and for preventing and detecting frauds and
other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are
reasonable and prudent; and design, implementation and maintenance of
adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records,
relevant to the preparation and presentation of the financial
statements that give a true 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 financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included
in the audit report under the provisions of the Act and the Rules made
thereunder.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and the disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal financial controls
relevant to the Company's preparation of the financial statements
that give a true and fair view in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of
expressing an opinion on whether the Company has in place an adequate
internal financial controls system over financial reporting and the
operating effectiveness of such controls. An audit also includes
evaluating the appropriateness of the accounting policies used and the
reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the
financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide 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
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at March 31, 2015, and its profit and its cash flows for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1) . As required by the Companies (Auditor's Report) Order, 2015
("the Order") issued by the Central Government of India in terms
of Section 143(11) of the Act, we give in the Annexure a statement on
the matters 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 explanations
which to the best of 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 the Company so far as it appears from our examination of
those books;
c) . the financial statements dealt with by this report are in
agreement with the books of account;
d) . in our opinion, the aforesaid financial statements comply with
the Accounting Standards specified under Section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014 (as amended);
e) . on the basis of the written representations received from the
directors as on March 31, 2015 and taken on record by the Board of
Directors, none of the Directors is disqualified as on March 31, 2015
from being appointed as a Director in terms of Section 164(2) of the
Act;
f) . with respect to the other matters to be included in the
Auditor's Report in accordance with Rule 11 of the Companies (Audit
and Auditors) Rules, 2014, in our opinion and 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 financial position;
ii) . the Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii) there were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure to the Independent Auditors' Report ÂMarch 31, 2015
(Referred to in our report of even date)
Based on the audit procedures performed for the purpose of reporting a
true and fair view on the financial statements of the Company and
taking into consideration the information and explanations given to us
and the books of account and other records examined by us in the
normal course of audit, we report that:
(i) (a) The Company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) The fixed assets have been physically verified by the management
during the year and no material discrepancies were noticed on such
verification. In our opinion, the frequency of verification of the
fixed assets is reasonable having regard to the size of the Company
and the nature of its assets.
(ii) (a) The inventory, except for goods-in transit and stock lying
with third parties has been physically verified by the management
during the year. In our opinion, the frequency of such verification is
reasonable. For stocks lying with third parties at the year end,
written confirmations have been obtained.
(b) The procedures for physical verification of inventories followed
by the management are reasonable and adequate in relation to the size
of the Company and the nature of its business.
(c) The Company is maintaining proper records of inventory. The
discrepancies noticed on verification between the physical stocks and
the book records were not material.
(iii) In respect of Loans, Secured or Unsecured, granted by the
Company to Companies, Firms or other parties covered in the register
maintained under Section 189 of the Companies Act 2013, according to
information and explanations given to us, the Company has not granted
any unsecured loan to companies covered in the register maintained
under section 189 of the Companies Act, 2013.
(iv) In our opinion, there is an adequate internal control system
commensurate with the size of the Company and the nature of its
business for the purchase of inventory and fixed assets. During the
course of our audit, no major weakness has been noticed in the
internal control system in respect of these areas.
(v) The Company has not accepted any deposits within the meaning of
Sections 73 to 76 of the Act and the Companies (Acceptance of
Deposits) Rules, 2014 (as amended). Accordingly, the provisions of
clause 3(v) of the Order are not applicable.
(vi) We have broadly reviewed the cost records maintained by the
Company pursuant to the Companies (Cost Accounting Records) Rules,
2014, as amended and prescribed by the Central Government under
Subsection (1) of Section 148 of the Companies Act, 2013, and are of
the opinion that, prima facie, the prescribed cost records have been
made and maintained. We have, however, not made a detailed examination
of the cost records with a view to determine whether they are accurate
or complete.
(vii) According to the information and explanations given to us, the
Company has not given guarantees for loans taken by the others from
banks and financial institutions.
(viii) In our opinion, the Company did not have any term loans
outstanding during the year.
(ix) To best of our knowledge and according to the information and
explanations given to us, no fraud by the Company and no material
fraud on the Company has been noticed or reported during the period
covered by our audit.
For M/s. A. VIJAY KUMAR & CO.
CHARTERED ACCOUNTANTS
ICAI Firm Reg. No.: 009824S
Sd/-
Omprakash G. Soni
Place of Signature : Mumbai, Maharashtra Partner
May 30, 2015 Membership No.016090
Mar 31, 2014
We have audited the accompanying financial statements of M/s. CENTENIAL
SURGICAL SUTURE LIMITED ("the Company"), which comprises the Balance
Sheet as at March 31, 2014, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended, and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 ("the Act") read with the General Circular
15/2013 dated September 13, 2013 of the Ministry of Corporate Affairs
in respect of Section 133 of the Companies Act, 2013. This
responsibility includes the design, implementation and maintenance of
internal control relevant to the preparation and presentation of the
financial statements that give a true 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 financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements
and plan and perform the audit to obtain reasonable assurance about
whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) , in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014;
b) . in the case of the Statement of Profit & Loss, of the profit for
the year ended on that date and;
c) . in the case of the cash flow statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of Section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227(3) of the Act, we report that:
a) We have obtained all the information and explanations which to the
best of
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 the Company so far as appears from our examination of those
books;
c) the balance sheet, statement of profit and loss and cash flow
statement dealt with by this report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards referred to in
sub-section (3C) of Section 211 of the Companies Act, 1956 read with
the General Circular 15/2013 dated 13 September 2013 of the Ministry of
Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
;) on the basis of written representations received from the Directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the Directors is disqualified as on March 31, 2014, from being
appointed as a Director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITOR''S REPORT of CENTENIAL SURGICAL SUTURE LIMITED
Annexure referred to in Paragraph 3 of our Report of Even Date
i) In respect of its fixed assets:
a) The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets.
b) Some of the fixed assets have been physical verified during the year
by the management in accordance with a programme of verification, which
in our opinion provides for physical verification of all the fixed
assets of the Company at reasonable intervals having regards to the
size of the Company and the nature of its assets. According to the
information and explanation given to us no material discrepancies were
noticed on such verification.
c) The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
ii) In respect of its inventories :
a) As explained to us, the inventories of finished and semi-finished
goods and raw materials were physically verified during the year by the
Management. In respect of stores and spare parts and stock lying with
consignment agents, the Company has a programme of physical
verification of stocks at reasonable interval.
b) In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c) In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification between the physical
stock and book records were not material.
iii) a) According to the information and
explanations given to us, the Company has not granted any loans,
secured or unsecured, to companies, firms and other parties covered in
the register maintained under Section 301 of the Companies Act, 1956.
In view of this, clauses (iii) (b, c and d) are not applicable to the
Company.
e) According to the information and explanations given to us, the
Company has taken loans, secured or unsecured, from companies, firms
and other parties covered in the register maintained under Section 301
of the Companies Act, 1956.
f) The rate of interest and other term and conditions of loans taken by
the Company, secured or unsecured, are prima facie not prejudicial to
the interest of the Company.
g) The payment of interest amount in principle are as stipulated.
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the Company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and we have not observed any continuing failure to
correct major weaknesses in such internal control system.
v) In respect of contracts or arrangements entered by the companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956:
a) According to the information and explanations provided by the
management, we are of the opinion that the transactions that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b) In our opinion and according to the information and explanations
given to us, the transaction with the parties with whom transactions
exceeding value of Rs.5,00,000.00 have been entered into during the
financial year are reasonable having regard to the prevailing market
prices at the relevant time.
vi) In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
vii) In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
viii) We have broadly reviewed the books of accounts maintained by the
Company pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209(l)(d) of the Companies
Act, 1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of the records.
ix) In respect of Statutory dues:
a) According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it with
appropriate authorities during the year. According to the information
and explanations given to us, no undisputed amounts payable in respect
of Income Tax, Sales Tax and Customs Duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
b) According to the records of the Company, there are no dues in
respect of Sales Tax, Custom Duty, Excise Duty and Income Tax under the
Income Tax Act, 1961 (''IT Act'') on account of any dispute except
Rs. 12,913.00 for Assessment Year 2003 ~ 2004 under the Income Tax Act,
1961 for excess interest charged. The case is pending with the
Assistant Commissioner of Income Tax.
x) The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceding financial year.
xi) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank,
xii) According to the information and
explanations given to us and based on the documents and records
produced before us, the Company has not granted any loans and advances
on the basis of security by way of pledge of shares, debentures and
other securities.
xiii) As per the present business activities of the Company, the
requirements of Clause 4 (xiii a, b, c and d) are not appbcable to the
Company.
xiv) As per the present business activities of the Company, the
requirements of Clause 4 (xiv) is not applicable to the Company.
xv) According to the information and
explanations given to us, the Company has not given any guarantee for
loans taken by others from bank or financial institution.
xvi) According to the information and
explanations given to us, no term loans have been taken during the year
hence, the purpose for which the loans were applied is not applicable
to the Company.
xvii) According to the information and explanations given to us and on
the overall examination of the Balance Sheet and Cash flow statement of
the Company, funds raised on short-term basis have prima-facie not been
used during the year for long-term investment.
xviii) The Company has not made any preferential allotment of shares
during the year.
xix) During the period covered by our audit report, the Company has not
raised any money by public issue.
xx) To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
For M/s. A. VIJAY KUMAR & CO.
CHARTERED ACCOUNTANTS
1CAI Firm Reg. No.: 009824S
Omprakash G. Soni
Mumbai, Maharashtra Partner
May 30, 2014 Membership No.016090
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of CENTENIAL
SURGICAL SUTURE LIMITED (''the Company'') which comprise the Balance
Sheet of as at March 31, 2013, the Statement of Profit and Loss and the
Cash Flow Statement for the year then ended & a summary of significant
accounting policies & other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true & fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of Section 211
of the Companies Act, 1956 (''the Act''). This responsibility includes
the design, implementation & maintenance of internal control relevant
to the preparation & presentation of the financial statements that give
a true & fair view & are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by Management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient &
appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India :
a), in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b). in the case of the Statement of Profit & Loss, of the profit for
the year ended on that date; and
c). in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
(''order''), as amended, issued by the Central Government of India in
terms of sub-section (4A) of Section 227 of the Companies Act, 1956, we
give in the Annexure a statement on the matters specified in paragraphs
4 and 5 of the said Order.
2. As required by Section 227 (3) of the Companies Act, 1956, we
report that :
i). we have obtained all the information & explanations, which to the
best of our knowledge & belief were necessary for the purposes of our
audit;
ii). in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii). the books of the branches have been submitted to us and the same
have been audited and considered by us in preparing this report;
iv). the Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this Report are in agreement with the books of
accounts;
v). in our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement dealt with by this report comply with the
Accounting Standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956; and
vi). on the basis of written representations received from the
Directors, as on March 31, 2013 and taken on record by the Board of
Directors, we report that none of the Directors are disqualified as at
March 31, 2013 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
i). In respect of its fixed assets:
a). The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets.
b). Some of the fixed assets have been physical verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets of the Company at reasonable intervals having regards to
the size of the Company and the nature of its assets. According to the
information and explanation given to us no material discrepancies were
noticed on such verification.
c). The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
ii). In respect of its inventories :
a). As explained to us, the inventories of finished and semi-finished
goods and raw materials were physically verified during the year by the
Management. In respect of stores and spare parts and stock lying with
consignment agents, the Company has a programme of physical
verification of stocks at reasonable interval.
b). In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c). In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records-of inventory.
The discrepancies noticed on physical verification between the physical
stock and book records were not material.
iii). a). According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured, to
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. In view of this, clauses
(iii) (b, c and d) are not applicable to the Company.
e). According to the information and explanations given to us, the
Company has taken loans, secured or unsecured, from companies, firms
and other parties covered in the register maintained under Section 301
of the Companies Act, 1956.
f). The rate of interest and other term and conditions of loans taken
by the Company, secured or unsecured, are prima facie not prejudicial
to the interest of the Company.
g). The payment of interest amount in principle are as stipulated.
iv). In our opinion-and according to th''e information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and we have not observed any continuing failure to
correct major weaknesses in such internal control system.
v). In respect of contracts or arrangements entered by the companies,
firms or other parties covered in the register maintained under Section
301 of th Companies Act, 1956 :
a). According to the information & explanations provided by the
management, we are of the opinion that the transactions that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b). In our opinion and according to the information and explanations
given to us, the transaction with the parties with whom transactions
exceeding value of Rs.5,00,000.00 have been entered into during the
financial year are reasonable having regard to the prevailing market
prices at the relevant time.
vi). In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
vii). In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
viii).We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209(l)(d) of the Companies
Act,1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of the records.
ix). In respect of Statutory dues:
a). According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it with
appropriate authorities during the year. According to the information
and explanations given to us, no undisputed amounts payable in respect
of Income Tax, Sales Tax and Customs Duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
b). According to the records of the Company, there are no dues in
respect of Sales Tax, Custom Duty, Excise Duty & Income Tax under the
Income Tax Act, 1961 (TT Act'') on account of any dispute except Rs.l
2,913.00 for Assessment Year 2003 ~ 2004 & Rs.2,16,940.00 for
Assessment year 2010 ~ 2011 under the IT Act for excess interest
charged. The case is pending with the Assistant Commissioner of Income
Tax.
x). The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceding financial year.
xi). In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
xii). According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii). As per the present business activities of the Company, the
requirements of Clause 4 (xiii a, b, c and d) are not applicable to the
Company.
xiv). As per the present business activities of the Company, the
requirements of Clause 4 (xiv) is not applicable to the Company.
xv). According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi). According to the information and explanations given to us, no
term loans have been taken during the year hence, the purpose for which
the loans were applied is not applicable to the Company.
xvii).According to the information and explanations given to us and on
the overall examination of the Balance Sheet and Cash flow statement of
the Company, funds raised on short-term basis have prima-facie not been
used during the year for long-term investment.
xviii).The Company has not made any preferential allotment of shares
during the year.
xix). During the period covered by our audit report, the Company has
not raised any money by public issue.
xx). To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for VIPUL N. SHAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 111547W
Sd/-
Vipul N. Shah
Mumbai, Maharashtra Proprietor
May 30, 2013 Membership No. : 40346
Mar 31, 2012
1. We have audited the attached Balance Sheet of CENTENIAL SURGICAL
SUTURE LIMITED as at March 31, 2012, the Profit and Loss Account and
the Cash Flow statement for the year ended on that date, both annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2. We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure statement on the
matters specified in paragraphs 4 & 5 of the said Order, to the extent
applicable.
4. Further to our comments in the Annexure referred to in paragraph
(3) above, we report that:
i). we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii). in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii). the books of the branches have been submitted to us and the same
have been audited and considered by us in preparing this report;
iv). the Balance Sheet and Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
v). in our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
vi). on the basis of written representation received from the
Directors, as on March 31,2012 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as at
March 31,2012 from being appointed as a Director in terms of clause (g)
of sub-section (1) of Section 274 of the Companies Act, 1956.
vii). in our opinion and to the best of our information and according
to the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a), in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
b). in the case of the Profit & Loss Account, of the profit for the
year ended on that date;
c). in the case of the Cash Flow statement, of the cash flows for the
year on that date.
ANNEXURE TO THE AUDITOR'S REPORT OF CENTENIAL SURGICAL SUTURE LIMITED
ANNEXURE REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE.
i). In respect of its fixed assets:
a). The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets.
b). Some of the fixed assets have been physical verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets of the Company at reasonable intervals having regards to
the size of the Company and the nature of its assets. According to the
information and explanation given to us no material discrepancies were
noticed on such verification.
c). The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
ii). In respect of its inventories :
a). As explained to us, the inventories of finished and semi-finished
goods and raw materials were physically verified during the year by the
Management. In respect of stores and spare parts and stock lying with
consignment agents, the Company has a programme of physical
verification of stocks at reasonable interval.
b). In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c). In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification between the physical
stock and book records were not material.
iii). a). According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured, to
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. In view of this, clauses
(iii) (b, c and d) are not applicable to the Company.
e). According to the information and explanations given to us, the
Company has taken loans, secured or unsecured, from companies, firms
and other parties covered in the register maintained under Section 301
of the Companies Act, 1956.
f). The rate of interest and other term and conditions of loans taken
by the Company, secured or unsecured, are prima facie not prejudicial
to the interest of the Company.
g). The payment of interest amount and principle amount are as
stipulated.
iv). In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and we have not observed any continuing failure to
correct major weaknesses in such internal control system.
v). In respect of contracts or arrangements entered by the companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956 :
a). According to the information & explanations provided by the
management, we are of the opinion that the transactions that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b). In our opinion and according to the information and explanations
given to us, the transaction with the parties with whom transactions
exceeding value of Rs.5,00,000 have been entered into during the
financial year are reasonable having regard to the prevailing market
prices at the relevant time.
vi). In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
vii). In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
viii). We have broadly reviewed the books of accounts maintained by the
company pursuant to the rules prescribed by the Central Government for
maintenance of cost records under Section 209(1 )(d) of the Companies
Act,1956 and are of the opinion that prima facie, the prescribed
accounts and records have been made and maintained. However, we have
not made a detailed examination of the records.
ix). In respect of Statutory dues:
a). According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it with
appropriate authorities during the year. According to the information
and explanations given to us, no undisputed amounts payable in respect
of Income Tax, Sales Tax and Customs Duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
b). According to the records of the Company, there are no dues in
respect of Sales Tax, Custom Duty, Excise Duty and Income Tax under the
Income Tax Act, 1961 (TT Act') on account of any dispute except
Rs.12,913/- for Assessment Year 2003-2004 under the Income Tax Act,
1961 for excess interest charged. The case is pending with the
Assistant Commissioner of Income Tax.
x). The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceding financial year.
xi). In our opinion and according to the informatiop and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
xii). According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii). As per the present business activities of the Company, the
requirements of Clause 4 (xiii a, b, c and d) are not applicable to the
Company.
xiv). As per the present business activities of the Company, the
requirements of Clause 4 (xiv) is not applicable to the Company.
xv). According to the information and explanations given to us, the
Company has not given any guarantee for loans take i by others from
bank or financial institution.
xvi). According to the information and explanations given to us, no
term loans have been taken during the year hence, the purpose for which
the loans were applied is not applicable to the Company.
xvii). According to the information and explanations given to us and on
the overall examination of the Balance Sheet and Cash flow statement of
the Company, funds raised on short-term basis have prima-facie not been
used during the year for long- term investment.
xviii).The Company has not made any preferential allotment of shares
during the year.
xix). During the period covered by our audit report, the Company has
not raised any money by public issue.
xx). To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for, VIPUL N. SHAH & ASSOCIATES
Chartered Accountants
Firm Registration No. 111547W
Vipul N. Shah
Mumbai Proprietor
August 13, 2012 Membership No.: 40346
Mar 31, 2011
1). We have audited the attached Balance Sheet of CENTENIAL SURGICAL
SUTURE LTD. as at March 31, 2011, the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date, both annexed
thereto. These financial statements are the responsibility of the
Company's Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2). We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3). As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure statement on the
matters specified in paragraphs 4 & 5 of the said Order, to the extent
applicable.
4). Further to our comments in the Annexure referred to in paragraph
(3) above, we report that:
i). we have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit;
ii). in our opinion, proper books of account as required by law have
been kept by the Company so far as appears from our examination of
those books;
iii). the books of the branches have been submitted to us and the same
have been audited and considered by us in preparing this report;
iv). the Balance Sheet and Profit & Loss Account and Cash Flow
Statement dealt with by this report are in agreement with the books of
accounts;
v). in our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956.
vi). on the basis of written representation received from the
Directors, as on March 31, 2011 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as at
March 31, 2011 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
vii). in our opinion and to the best of our information and according
to the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a), in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011;
b). in the case of the Profit & Loss Account, of the profit for the
year ended on that date;
c). in the case of the Cash Flow statement, of the cash flows for the
year on that date.
ANNEXURE TO THE AUDITOR'S REPORT ANNEXURE REFERRED TO IN PARAGRAPH 3 OF
OUR REPORT OF EVEN DATE.
i). In respect of its fixed assets :
a). The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets.
b). Some of the fixed assets have been physical verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets of the Company at reasonable intervals having regards to
the size of the Company and the nature of its assets. According to the
information and explanation given to us no material discrepancies were
noticed on such verification.
c). The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
ii). In respect of its inventories :
a). As explained to us, the inventories of finished and semi-finished
goods and raw materials were physically verified during the year by the
Management. In respect of stores and spare parts and stock lying with
consignment agents, the Company has a programme of physical
verification of stocks at reasonable interval.
b). In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c). In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification between the physical
stock and book records were not material.
iii). a). According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured, to
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. In view of this, clauses
(iii) (b, c and d) are not applicable to the Company.
e). According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured, from companies,
firms and other parties covered in the register maintained under
Section 301 of the Companies Act, 1956. In view of this, clauses (iii)
(f and g) are not applicable to the Company.
iv). In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and we have not observed any continuing failure to
correct major weaknesses in such internal control system.
v). In respect of contracts or arrangements entered by the companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956 :
a). According to the information & explanations provided by the
management, we are of the opinion that the transactions that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered.
b). In our opinion and according to the information and explanations
given to us, the transaction with the parties with whom transactions
exceeding value of Rs.5,00,000 have been entered into during the
financial year are reasonable having regard to the prevailing market
prices at the relevant time.
vi). In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
vii). In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
viii). According to the information and the explanations given to us
and to the best of our knowledge, the Central Government has not
prescribed the maintenance of the Cost Records under section 209 (1)
(d) of the Companies Act, 1956.
ix). In respect of Statutory dues :
a). According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it with
appropriate authorities during the year. According to the information
and explanations given to us, no undisputed amounts payable in respect
of Income Tax, Sales Tax and Customs Duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
b). According to the records of the Company, there are no dues in
respect of Sales Tax, Custom Duty, Excise Duty and Income Tax under the
Income Tax Act, 1961 ('IT Act') on account of any dispute except
Rs.12,913/- for Assessment Year 2003-2004 under the Income Tax Act, i
961 for excess interest charged. The case is pending with the Assistant
Commissioner of Income Tax.
x). The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceding financial year.
xi). In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
xii). According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii). As per the present business activities of the Company, the
requirements of Clause 4 (xiii a, b, c and d) are not applicable to the
Company.
xiv). As per the present business activities of the Company, the
requirements of Clause 4 (xiv) is not applicable to the Company.
xv). According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi). According to the information and explanations given to us, no
term loans have been taken during the year hence, the purpose for which
the loans were applied is not applicable to the Company.
xvii). According to the information and explanations given to us and on
the overall examination of the Balance Sheet and Cash flow statement of
the Company, funds raised on short-term basis have prima- facie not
been used during the year for long-term investment.
xviii).The Company has not made any preferential allotment of shares
during the year. Clause 4 (xviii) and Clause 4 (xix) are not applicable
to the Company.
xix). During the period covered by our audit report, the Company has
not raised any money by public issue.
xx). To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for, VIPUL N. SHAH & ASSOCIATES
Firm Registration No. 111547W
Chartered Accountants
Vipul N. Shah
Proprietor
Membership No.: 40346
Murbad, Thane,
August 12, 2011
Mar 31, 2010
1) We have audited the attached Balance Sheet of CENTENIAL SURGICAL
SUTURE LTD. as at March 31, 2010, the Profit & Loss Account and the
Cash Flow Statement for the year ended on that date, both annexed
thereto. These financial statements are the responsibility of the
Companys Management. Our responsibility is to express an opinion on
these financial statements based on our audit.
2). We conducted our audit in accordance with auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion,
3). As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Section 227 (4A) of the
Companies Act, 1956, we enclose in the Annexure statement on the
matters specified in paragraphs 4 & 5 of the said Order, to the extent
applicable.
4). Further to out comments in the Annexure referred to in paragraph
(3) above, we report that:
i). we have obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purposes of
our audit; ii). in our opinion, proper books of account as required by
law have been kept by the Company so far as appears from our
examination of those books;
iii), the books of the branches have been submitted to us and the same
have been audited and considered by us in preparing this report;
iv) the Balance Sheet and Profit & Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of accounts;
v). in our opinion, the Balance Sheet, the Profit and Loss Account and
Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C of Section 211 of
the Companies Act, 1956.
vi). on the basis of written representation received from the
Directors, as on March 31, 2010 and taken on record by the Board of
Directors, we report that none of the Directors is disqualified as at
March 31, 2010 from being appointed as a Director in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act, 1956.
vii)r in our opinion and to the best of our information and according
to the explanations given to us, the said accounts give the information
required by the Companies Act, 1956 in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
a), in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
b) in the case of the Profit & Loss Account, of the profit for the year
ended on that date;
c). in the case of the Cash Flow statement, of the cash flows for the
year on that date.
ANNEXURE TO THE AUDITORS REPORT ANNEXURE REFERRED TO IN PARAGRAPH 3 OF
OUR REPORT OF EVEN DATE.
i). In respect of its fixed assets :
a]. The Company has maintained proper records to show full particulars
including quantitative details and situation of its fixed assets.
b). Some of the fixed assets have been physical verified during the
year by the management in accordance with a programme of verification,
which in our opinion provides for physical verification of all the
fixed assets of the Company at reasonable intervals having regards to
the size of the Company and the nature of its assets. According to the
information and explanation given to us no material discrepancies were
noticed on such verification.
c), The fixed assets disposed off during the year, in our opinion, do
not constitute a substantial part of the fixed assets of the Company
and such disposal has, in our opinion, not affected the going concern
status of the Company.
ii). In respect of its inventories :
a). As explained to us, the inventories of finished and semi-finished
goods and raw materials were physically verified during the year by the
Management In respect of stores and spare parts and stock lying with
consignment agents, the Company has a programme of physical
verification of stocks at reasonable interval.
b). In our opinion and according to the information and explanations
given to us, the procedures of physical verification of inventories
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
c). In our opinion and according to the information and explanations
given to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verification between the physical
slock and book records were not material.
iii). a). According to the information and explanations given to us,
the Company has not granted any loans, secured or unsecured, to
companies, firms and other parties covered in the register maintained
under Section 301 of the Companies Act, 1956. In view of this, clauses
(iii) {b, c and d} are not applicable to the Company.
b). According to the information and explanations given to us, the
Company has not taken any loans, secured or unsecured, from companies,
firms and other parties covered in the register maintained under
Section 301 of the Companies Act, 1956. In view of this, clauses (iii)
(f and g] are not applicable to the Company
iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control procedure
commensurate with the size of the company and the nature of its
business, for the purchase of inventory and fixed assets and for the
sale of goods and we have not observed any continuing failure to
correct major weaknesses in such internal control system.
v). In respect of contracts or arrangements entered by the companies,
firms or other parties covered in the register maintained under Section
301 of the Companies Act, 1956 :
a). According to the information & explanations provided by the
management, we are of the opinion that the transactions that needed to
be entered into the register maintained under Section 301 of the
Companies Act, 1956 have been so entered,
b). In our opinion and according to the information and explanations
given to us, the transaction with the parties with whom transactions
exceeding value of Rs. 5,00,000.00 have been entered into during the
financial year are reasonable having regard to the prevailing market
prices at the relevant time,
vi). In our opinion and according to the information and explanations
given to us, the Company has not accepted any deposits from the public.
vii). In our opinion, the Company has an internal audit system
commensurate with the size and the nature of its business.
vlii). According to the information and the explanations given to us
and to the best of our knowledge, the Central Government has not
prescribed the maintenance of the Cost Records under section 209 (1)
(d) of the Companies Act, 1956,
ix). In respect of Statutory dues:
a). According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including Provident Fund,
Investor Education and Protection Fund, Income Tax, Sales Tax, Customs
Duty, Excise Duty, Cess and other statutory dues applicable to it with
appropriate authorities during the year According to the information
and explanations given to us, no undisputed amount payable in respect
of Income Tax, Sales Tax and Customs Duty were outstanding, at the year
end for a period of more than six months from the date they became
payable.
b). According to the records of the Company, there are no dues in
respect of Sales Tax, Custom Duty, Excise Duty and Income Tax under the
Income Tax Act, 1961 {IT Act) on account of any dispute except
Rs,12,91 3/- for Assessment Year 2003-2004 under the Income Tax Act,
1961 for excess interest charged. The case is pending with the
Assistant Commissioner of Income Tax.
x). The Company does not have any accumulated losses and has not
incurred any cash losses during the financial year covered by our audit
and the immediately preceding financial year.
xi). In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank.
xii). According to the information and explanations given to us and
based on the documents and records produced before us, the Company has
not granted any loans and advances on the basis of security by way of
pledge of shares, debentures and other securities.
xiii). As per the present business activities of the Company, the
requirements of Clause 4 {xiii a, b, c and d) are not applicable to the
Company.
xiv) As per the present business activities of the Company, the
requirements of Clause 4 (xiv) is not applicable to the Company.
xv). According to the information and explanations given to us, the
Company has not given any guarantee for loans taken by others from bank
or financial institution.
xvi). According to the information and explanations given to us, no
term loans have been taken during the year hence, the purpose for which
the loans were applied is not applicable to the Company.
xvii). According to the information and explanations given to us and on
the overall examination of the Balance Sheet and Cash flow statement of
the Company, funds raised on short-term basis have prima- facie not
been used during the year for long-term investment.
xviii).The Company has not made any preferential allotment of shares
during the year. Clause 4 {xviii) and Clause 4 {xixj are. not
applicable to the Company.
xix). During the period covered by our audit report, the Company has
rot raised any money by public issue,
xx). To the best of our knowledge and belief and according to the
information and explanations given to us, no fraud on or by the Company
has been noticed or reported during the year.
for VlPUL N. SHAH & ASSOCIATES
Firm Reg. No. 111547W
Chartered Accountants
Vipul N. Shah
Proprietor
Murbad, Thane, August 14, 2010 Membership No.: 40346
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