Mar 31, 2015
1 We have audited the accompanying financial statements of CENTRON
INDUSTRIAL ALLIANCE LIMITED. ("the Company"), which comprise the
Balance Sheet as at March 31, 2015, 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
2 The management and Board of Directors of the Company are 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 Companies (Accounts) Rules, 2014. This responsibility
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; design,
implementation and maintenance of adequate internal financial controls,
that are 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
3 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 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
4 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 financial control 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 accounting policies used and the reasonableness of
the accounting estimates made by the Company's management and Board of
Directors, as well as evaluating the overall presentation of the
financial statements.
5 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
6. 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 31st March 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
sub-section (11) of section143 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 further 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 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 aforesaid financial statements comply with the
applicable Accounting Standards specified under Section 133 of the Act,
read with Rule 7 of the Companies (Accounts) Rules 2014
e. on the basis of 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. In our opinion and to the best of our information and according to
the explanations given to us, we report as under with respect to 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; as such the question of commenting on any
material foreseeable losses thereon does not arise
(iii) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of delay in transferring such sums does
not arise On the basis of such checks as we considered appropriate and
according to the information and explanations given to us during the
course of our audit, we report that:
(i) In respect of Fixed Assets :
(a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets ; (b) As
explained to us, fixed assets have been physically verified by the
management at regular intervals; as informed to us no material
discrepancies were noticed on such verification;
(ii) In respect of Inventory :
(a) In respect of the inventories were physically verified during the
year by the Management at reasonable intervals.
(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 were 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 has maintained proper records of its
inventories and no material discrepancies were noticed on physical
verification.
(iii) The company has not granted any loans, secured or unsecured
to/from companies, firms or other parties covered in the register
maintained under section 189 of the Act.
(iv) In our opinion and according to the information and explanations
given to us, there is adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase and sale of goods traded in. Further, on the basis of our
examination of the books and records of the Company and according to
the information and explanations given to us, no major weakness has not
been noticed or reported. (v) The Company has not accepted any
deposits from the public covered under Section 73 to 76 of the
Companies Act, 2013
(vi) As informed to us, the Central Government has not prescribed
maintenance of cost records under sub-section
(1) of Section 148 of the Act
(vii) (a) According to the information and explanations given to us and
based on the records of the company examined by us, the company is
regular in depositing the undisputed statutory dues, including
Provident Fund, , Employees' State Insurance, Income-tax, Sales-tax,
Wealth Tax, Service Tax, Custom Duty, Excise Duty and other material
statutory dues, as applicable, with the appropriate authorities in
India ;
(b) According to the information and explanations given to us and based
on the records of the company examined by us, there are no dues of
Income Tax, Wealth Tax, Service Tax, Sales Tax, Customs Duty and Excise
Duty which have not been deposited on account of any disputes
(c) There has not been an occasion in case of the Company during the
year under report to transfer any sums to the Investor Education and
Protection Fund. The question of reporting delay in transferring such
sums does not arise As at 31st March, 2015.
(viii) The Company has accumulated losses as at the end of the
financial year to the extent of Rs.10,966,899/-, however, it has not
incurred cash losses in the financial year ended on that date and also
in the immediately preceding financial year.
(ix) According to the records of the company examined by us and as per
the information and explanations given to us, the company has not
availed of any loans from any financial institution or banks and has
not issued debentures
(x) In our opinion, and according to the information and explanations
given to us, the Company has not given any guarantee for loan taken by
others from a bank or financial institution during the year
(xi) In our opinion, and according to the information and explanations
given to us, the company has not raised any term loans during the year
(xii) During the course of our examination of the books and records of
the company, carried in accordance with the auditing standards
generally accepted in India, we have neither come across any instance
of fraud on or by the Company noticed or reported during the course of
our audit nor have we been informed of any such instance by the
Management
For S. JAIN BOHRA & CO.
CHARTERED ACCOUNTANTS
sd/-
SHANTILAL JAIN
PARTNER
PLACE : MUMBAI M.No.008562
DATED : 30th May, 2014 FIRM REGD. NO.114855W
Mar 31, 2014
We have audited the accompanying financial statements of CENTRON
INDUSTRIAL ALLIANCE LIMITED (the Company), which comprise 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
The Company''s 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 notified under the Companies
Act, 1956 (the Act) read with the General Circular 15/2013 dated 13th
September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013 and in accordance with the
accounting principles generally accepted in India. 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, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. 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 and Loss, of the profit of
the Company for the year ended on that date; and
(c) In the case of the Cash Flow Statement, of the cash flows of the
Company 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 Section
227(4A) 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, 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 Balance Sheet, the Statement of Profit and
Loss, and the Cash Flow Statement comply with Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013. Except accounting Leave
encashment and other employee benefit (except gratuity liability) on
payment basis as referred in Note No.20(2)
e. On the basis of the written representations received from the
directors as on March 31, 2014, 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 Section 274(1)(g) of the
Act.
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 3
OF OUR REPORT OF EVEN DATE
We further report that :
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable interval during the year, however in the
absence of book records of furniture and fixtures the differences, if
any between book records and physical verification could not be
ascertained.
(c) As per the information and explanation given to us, the Company has
not disposed of substantial part of it''s other fixed assets during the
year.
2 During the year, the company held no physical stock of inventories
and hence no physical verification has been conducted during the year.
3 i) According to the books of account and records produced before us,
the company has not granted any loan to companies, firms or other
parties covered in the register maintained under section 301 of the
companies act, 1956. Accordingly, the clauses 4 (iii) (a) to (d) of
the order are not applicable. ii) The company had taken interest free
unsecured loan from a party Mr. Anoop Garg Director of the company
(Amount outstanding as on 31.03.2014 Rs.NIL, maximum amount outstanding
during the year Rs.25,00,000/-, Previous year Rs.25,00,000/-).
4 In our opinion the Company has an adequate internal Central procedure
commensurate with the size of the company and nature of the business.
5 In our opinion and according to the information and explanation given
to us, there are no transactions that need to be entered into the
register maintained under section 301 of the companies act, 1956.
Accordingly, the clause 4 (v) (b) of the order is not applicable.
6. The Company has not accepted any deposits from the public in terms
of Section 58A, of the Companies Act, 1956 and the rules framed there
under.
7. There has been no internal audit carried out during the year.
8. The Company has not carried out any manufacturing activity during
the year and hence, in opinion, clause 4 (viii) of required of the
order in respect of maintenance cost records as required under section
209 of the Companies Act, 1956 is not applicable.
9. (a) There has been no delay observed during the year in making
statutory payments
(b) As per the explanation and information given to us, there are no
dues pending in disputes as on 31.03.2014.
10. The accumulated losses at the end of the financial year of the
company is not more than 50% of its net worth. It has not incurred any
cash losses in the Financial Year ended on that date.
11. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to
banks.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13. The Company is not a chit fund or nidhi / mutual benefit fund /
society, therefore the clause 4 (xiii) of the order is not applicable
to the company.
14. In our opinion, and as verified by us the the Company has
maintained proper records in respect of purchase and sales of shares
and other investments.
15. As per the information and explanation given to us, the company
has not given any guarantee for loans taken by others from banks or
financial institution.
16. According to the information and explanations given to us, the
company has availed terms loans during the year which were applied for
the purpose for which they were taken.
17. In our opinion, the company has not used funds raised for short
term purposes for long term investments and vice-versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained
under Section 301 of the Act during the year. According the provisions
of clause 4(xviii) of the Order are not applicable to the Company.
19. The company has not issued any debentures and hence clause 4 (xix)
of the order is not applicable to the company.
20. The company has not raised any funds through public issue during
the year.
21. Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
course of our audit.
For S. JAIN BOHRA & CO.
CHARTERED ACCOUNTANTS
sd/-
SHANTILAL JAIN
PARTNER
PLACE : MUMBAI M.No.008562
DATED : 30th May, 2014 FIRM REGD. NO.114855W
Mar 31, 2013
We have audited the accompanying financial statements of "Centron
Industrial Alliance Limited" which comprise the Balance Sheet as at
March 31, 2013, and 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"). 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:
We invite attention Subject to :
(a) Notes No. 24 (2) of Notes on Financial Statements regarding
preparation of accounts of the company on going concern basis for the
reasons stated therein.
(b) Note no. 24 (4) of Notes on Financial Statements regarding
non-recognition of Rs.69.33 lacs on account of disputed dues payable to
credit society resulting in the loss for the year and the Sundry
Creditors being understated to that extent.
(c) Note No. 24(6) of Notes on Accounts on Financial Statements
regarding non-provision of Rs.0.06 lacs on account of dues payable to a
creditors as per decree of The Honourable Court of Civil Judge Senior
Division Jalna resulting in the loss for the year and the Sundry
Creditors being understated to that extent.
(d) Note No. 24 (7) of Notes on Financial Statements regarding
non-provision of Rs.4.91 lacs on account of interest on delayed payment
as required under Small Scale & Ancilliary Industrial Undertaking
Ordinance 1993 resulting in the loss for the year and the Sundry
Creditors being understated to that extent.
(e) Note No. 24 (8) of Notes on Financial Statement regarding non
Transfer Transfer of Rs.74.37 lacs to investor Education and Protection
Fund for the reason stated therein;
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 and 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.
Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003
("theOrder") 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
ofaccount.
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on 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.
f) Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.''
ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT REFERRED TO IN PARAGRAPH 3
OF OUR REPORT OF EVEN DATE
We further report that :
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable interval during the year, however in the
absence of book records of furniture and fixtures the differences, if
any between book records and physical verification could not be
ascertained.
(c) As per the information and explanation given to us, the Company has
not disposed of substantial part of it''s other fixed assets during the
year.
2 During the year, the company held no physical stock of inventories
and hence no physical verification has been conducted during the year.
3 i) According to the books of account and records produced before us,
the company has not granted any loan to companies, firms or other
parties covered in the register maintained under section 301 of the
companies act, 1956. Accordingly, the clauses 4 (iii) (a) to (d) of
the order are not applicable. ii) The company has taken interest free
unsecured loan from a party Mr. Anoop Garg Director of the company
(Amount outstanding as on 31.03.2013 Rs.25,00,000/- maximum amount
outstanding during the year Rs.25,00,000/-) ought to be covered in the
register maintained u/s 301 of the Companies Act 1956 for which there
are no specific terms & conditions in respect of repayment.
4 In our opinion the Company has an adequate internal Central procedure
commensurate with the size of the company and nature of the business.
5 In our opinion and according to the information and explanation given
to us, there are no transactions that need to be entered into the
register maintained under section 301 of the companies act, 1956.
Accordingly, the clause 4 (v) (b) of the order is not applicable.
6. The Company has not accepted any deposits from the public in terms
of Section 58A, of the Companies Act, 1956 and the rules framed there
under. In respect of deposit accepted prior to 1976, the company has
made repayment according to the Scheme of Arrangement sanctioned by the
Bombay High Court, and there are no outstanding deposit at the year end
except as stated in Note No. 24 (7) of notes on Financial Statements.
7. There has been no internal audit carried out during the year.
8. The Company has not carried out any manufacturing activity during
the year and hence, in opinion, clause 4 (viii) of required of the
order in respect of maintenance cost records as required under section
209 of the Companies Act, 1956 is not applicable.
9. (a) There has been no delay observed during the year in making
statutory payments
(b) As per the explanation and information given to us, there are no
dues pending in disputes as on 31.03.2013 other than those stated
below:
Name of Statute Nature of Amount Dues Authority where pending
Securities and
Exchange Board of
India. Compounding
Rs.1,75,000/- The Adjudicating Authority
Securities
Regulation Act,
1997. Charges and Exchange Board of India
10 The accumulated losses at the end of the financial year of the
company is not more than 50% of its net worth. It has not incurred any
cash losses in the Financial Year ended on that date.
11 In our opinion and according to the information and explanations
given to us, the c company has not defaulted in repayment of dues to
banks.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The Company is not a chit fund or nidhi / mutual benefit fund /
society, therefore the clause 4 (xiii) of the order is not applicable
to the company.
14 In our opinion, and as verified by us the the Company has maintained
proper records in respect of purchase and sales of shares and other
investments.
15. As per the information and explanation given to us, the company
has not given any guarantee for loans taken by others from banks or
financial institution.
16. According to the information and explanations given to us, the
company has availed terms loans during the year which were applied for
the purpose for which they were taken.
17. In our opinion, the company has not used funds raised for short
term purposes for long term investments and vice-versa.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year. According the provisions of clause
4(xviii) of the Order are not applicable to the Company.
19. The company has not issued any debentures and hence clause 4 (xix)
of the order is not applicable to the company.
20. The company has not raised any funds through public issue during
the year.
21. Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
course of our audit.
For S. JAIN BOHRA & CO.
CHARTERED ACCOUNTANTS
sd/-
S.L. JAIN
PARTNER
M.No.008562
FIRM REGD. NO.114855W
PLACE : MUMBAI
DATED : 30th May, 2013
Mar 31, 2012
1. We have audited the attached Balance Sheet of CENTRON INDUSTRIAL
ALLIANCE LIMITED, as at 31st March, 2012 and the related Statement of
Profit & Loss and Cash Flow Statement for the year ended on that date
annexed thereto which we have signed under reference to this report.
These financial statements are the responsibility of the management of
the Company. 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 also
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, as
amended by the Companies (Auditor's Report) (Amendment) Order, 2004
(together the "Order"), issued by the Central Government of India
in terms of sub-section (4A) of Section 227 of 'The Companies Act,
1956" of India (the 'Act') and on the basis of such checks of the
books and records of the Company as we considered appropriate and
according to the information and explanation given to us, we give in
the Annexure a statement on the matters specified in paragraphs 4 and 5
of the Order.
4. Further to our comments in the annexure referred to 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 purpose 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 Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account of the company.
iv. In our opinion, except as stated in Para 4 (vi) (c) below, the
attached Balance Sheet, Statement of Profit & Loss and Cash Flow
Statement dealt with by this report comply with the Accounting
Standards referred to in Section 211(3C) of the Companies Act, 1956 to
the extent applicable.
v. On the basis of the written representations received from the
Directors, and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31st March, 2012 from
being appointed as a Director in terms of Clause (g) of sub-section (1)
of Section 274 of the Companies Act, 1956.
vi We invite attention to :
(a) Notes No. 21 (2) of Notes on Financial Statements regarding
preparation of accounts of the company on going concern basis for the
reasons stated therein.
(b) Note no. 21 (4) of Notes on Financial Statements regarding
non-recognition of Rs.69.33 lacs on account of disputed dues payable to
credit society resulting in the loss for the year and the Sundry
Creditors being understated to that extent.
(c) Note No. 21(6) of Notes on Accounts on Financial Statements
regarding non-provision of Rs.0.06 lacs on account of dues payable to a
creditors as per decree of The Honourable Court of Civil Judge Senior
Division Jalna resulting in the loss for the year and the Sundry
Creditors being understated to that extent.
(d) Note No. 21 (7) of Notes on Financial Statements regarding
non-provision of Rs.4.91 lacs on account of interest on delayed payment
as required under Small Scale & Ancilliary Industrial Undertaking
Ordinance 1993 resulting in the loss for the year and the Sundry
Creditors being understated to that extent.
(e) Note No. 21 (8) of Notes on Financial Statement regarding non
Transfer Transfer of Rs.74.37 lacs to investor Education and Protection
Fund for the reason stated therein;
5. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements, subject to
our observations in Para 4 (vi) above and read together with the notes
thereon, give in the prescribed manner the information required by the
Companies Act, 1956 and also 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 the Company's
affairs as at 31st March, 2012;
(b) in the case of the Statement of Profit and 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 of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
REFERRED TO IN PARAGRAPH 3 OF OUR REPORT OF EVEN DATE
We further report that :
1 (a) The Company has maintained proper records showing full
particulars including quantitative details and situation of the
fixed assets other than furniture and fixtures.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable interval during the year, however in the
absence of book records of furniture and fixtures the differences, if
any between book records and physical verification could not be
ascertained.
(c) As per the information and explanation given to us, the Company has
not disposed of substantial part of it's other fixed assets during the
year.
2 During the year, the company held no stock of inventories and hence
no physical verification has been conducted during the year.
3 According to the books of account and records produced before us, the
company has neither granted nor taken any loan, secured or unsecured to
and from companies, firms or other parties covered in the register
maintained under section 301 of the companies act, 1956. Accordingly,
the clauses 4 (iii) (b) to (d) of the order are not applicable.
4 During the year the company has not purchased any stores, raw
materials including components, plant and machinery, equipment and
other similar assets nor has it sold any goods during the year and
hence, in our opinion, clause 4 (iv) of the order in respect of
purchase and sale of good in not applicable. During the course of
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
5 In our opinion and according to the information and explanation given
to us, there are no transactions that need to be entered into the
register maintained under section 301 of the companies act, 1956.
Accordingly, the clause 4 (v) (b) of the order is not applicable.
6. The Company has not accepted any deposits from the public in terms
of Section 58A, of the Companies Act, 1956 and the rules framed there
under. In respect of deposit accepted prior to 1976, the company has
made repayment according to the Scheme of Arrangement sanctioned by the
Bombay High Court, and there are no outstanding deposit at the year end
except as stated in Note No. 21 (8) of notes on Financial Statements.
7. There has been no internal audit carried out during the year.
8. The Company has not carried out any manufacturing activity during
the year and hence, in opinion, clause 4 (viii) of required of the
order in respect of maintenance cost records as required under section
209 of the Companies Act, 1956 is not applicable.
9. (a) There has been no delay observed during the year in making
statutory payments,
(b) As per the explanation and information given to us, there are no
dues pending in disputes as on 31.03.2012 other than those stated below
:
Name
of Statute Nature of Amount Dues Authority where pending
Securities and Compounding Rs.175000/- The Adjudicating Authority
Exchange Charges Securities and Exchange
Board of India Board of India.
Regulation Act,
1997.
10 The accumulated losses at the end of the financial year of the
company are more than 50% of its net worth.
The It has not incurred any cash losses in the Financial Year ended on
that date but company has incurred cash loss during the previous
financial year to the extent of Rs.4,00,896/-
11 The Company has not borrowed any sums from financial institution and
debentures holders and hence clause 4 (xi) of the order is not
applicable to company.
12. The Company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The Company is not a chit fund or nidhi / mutual benefit fund /
society, therefore the clause 4 (xiii) of the order is not applicable
to the company.
14 In our opinion, the company is not dealing in or trading in shares,
securities, debentures and other investments.
15. As per the information and explanation given to us, the company
has not given any guarantee for loans taken by others from banks or
financial institution.
16. The company has not taken any term loan during the year.
17. In our opinion, the company has not used funds raised for short
term purposes for long term investments and vice- versa.
18. The Company has not made any preferential allotment of shares to
any party.
19. The company has not issued any debentures and hence clause 4 (xix)
of the order is not applicable to the company.
20. The company has not raised any funds through public issue during
the year.
21. Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
course of our audit.
For S. JAIN BOHRA & CO.
CHARTEREDACCOUNTANTS
sd/-
R. C. BOHRA PARTNER
M.NO.073480
FIRM REGD. NO.114855W
PLACE : MUMBAI
DATED : 23rd July, 2012
Mar 31, 2010
1. We have audited the attached Balance Sheet of CENTRON INDUSTRIAL
ALLIANCE LIMITED, as at 31st March, 2010, the Profit & Loss Account for
the year ended on that date annexed thereto and also the cash flow
statement for the year ended on that date. These financial statements
are the responsibility of the management of the Company. Our
responsibility is to express an opinion on these financial statements
based on our audit.
2. We conducted our audit in accordance with auditing stand- ards
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 also
includes examining, on a test basis, evidence supporting the amounts
and disclo- sures 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 and the
Companies (Auditors Report) (Amendment) Order, 2004 issued by the
Central Government of India in terms of sub-section (4A) of section 227
of the Companies Act, 1956, we enclose in the annexure a statement on
the matters specified in paragraphs 4 and 5 of the said Order.
4. Further to our comments in the annexure referred to 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 purpose 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 Balance Sheet, Profit and Loss account and the Cash Flow
statement dealt with by this report are in agreement with the books of
account.
iv. In our opinion, except as stated in Para 4 (vi) (d) below, the
attached Balance Sheet, Profit & Loss Account and cash flow statement
dealt with by this report comply with Accounting Standards referred to
in Section 211(3C) of the Companies Act, 1956 to the extent applicable.
v. On the basis of the written representations received from the
Directors, and taken on record by the Board of Directors, we report
that none of the Directors is disqualified as on 31st March, 2010 from
being ap- pointed as a Director in terms of Clause (g) of sub- section
(1) of Section 274 of the Companies Act, 1956;
vi. We invite attention to :
(a) Note no. B 2 of Notes on Accounts in Schedule M regarding
preparation of accounts of the company on going concern basis for the
rea- sons stated therein;
(b) Note no. B 4 of Notes on Accounts in Schedule M regarding write
off of deferred expenses on Voluntary Separation Compensation in
current year resulting in the profit for the year and the Deferred
Revenue Expenditure both being un- derstated by Rs. 68.96 lacs;
(c) Note no. B 6 of Notes on Accounts in Schedule NT regarding
non-provision of Rs. 69.33 lacs on account of disputed dues payable to
credit society resulting in the loss for the year and the Sundry
Creditors being understated to that extent;
(d) Note no. B 8 of Notes on Accounts in Schedule M regarding
accounting for retirement benefits of employees during the period which
is not in accordance with the revised Accounting Stand- ard - 15 on
Accounting for Retirement Benefits issued by The Institute of Chartered
Account- ants of India;
(e) Note no. 9 of Notes on Accounts in Schedule M regarding
non-provision of Rs. 0.06 lacs on account of dues payable to a creditor
as per decree of The Honourable Court of Civil Judge Senior Division
Jalna resulting in the loss for the year and the Sundry Creditors being
understated to that extent;
(f) Note no. 10 of Notes on Accounts in Schedule M regarding
non-provision of Rs. 4.27 lacs on account of interest on delayed
payment as required under Small Scale & Ancilliary Indus- trial
Undertaking Ordinance 1993 resulting in the loss for the year and the
Sundry Creditors being understated to that extent;
(g) Note no. B 11 of Notes on Accounts in Schedule M regarding non
transfer of Rs. 74.37 lacs to Investor Education and Protection Fund
for the reason stated therein;
5. In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements, subject to
our observations in Para 4 (vi) above and read together with the notes
thereon, give in the prescribed manner the information required by the
Companies Act, 1956 and also 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 the Companys
affairs as at 31st March, 2010;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date ; and
(c) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS REPORT REFERRED TO IN PARAGRAPH 3 OF OUR
REPORT OF EVEN DATE
We further report that :
1 (a) During the year the Company has sold and / or discarded as scrap
all items of Plant & Machinery, Land Lease Rights, Building and other
assets except Furniture & Fixtures, Office Equipment and Computers. The
Com- pany has maintained proper records showing full particulars
including quantitative details and situation of the remaining fixed
assets other than furniture and fixtures.
(b) As explained to us, all the assets have been physically verified by
the management at reasonable interval during the year and no material
discrepancies were noted therein. However, in the absence of book
records of furniture and fixtures the differences, if any, between book
records and physical verification could not be ascertained.
(c) As per the information and explanation given to us, other than as
mentioned in (a) above, the Company has not disposed of substantial
part of its other fixed assets during the year.
2 (a) During the Year the Company has written off the stock of all
inventory of finished goods, stores, spare parts and raw material,
except production scrap, as the same had no realizable value in the
opinion of the management.
(b) No physical verification has been carried out in respect of the
production scarp stock.
(c) In our opinion the Company is.not maintaining proper records in
respect of such production scrap.
3 According to the books of account and records produced before us, the
company has neither granted nor taken any loan, secured or unsecured to
and from companies, firms or other parties covered in the register
maintained under section 301 of the companies act, 1956. Accordingly,
the clauses 4 (iii) (b) to (d) of the order are not applicable.
4 During the year the company has not purchased any stores, raw
materials including components, plant and machinery, equipment and
other similar assets nor has it sold any goods during the year and
hence, in our opinion, clause 4 (iv) of the order in respect of
purchase and sale of goods is not applicable. During the course of
audit, we have not observed any continuing failure to correct major
weaknesses in internal control.
5 In our opinion and according to the information and explanation given
to us, there are no transactions that need to be entered into the
register maintained under section 301 of the companies act, 1956.
Accordingly, the clause 4 (v) (b) of the order is not applicable.
6 The company has not accepted any deposit from the public in terms of
section 58A, of the Companies Act, 1956 and the rules framed there
under. In respect of deposit accepted prior to 1976, the company has
made repayment accord- ing to the Scheme of Arrangement sanctioned by
the Bombay High Court, and there are no outstanding deposit at the year
end except as stated in Note No. B 11 of Schedule M in notes on
accounts.
7 There has been no internal audit carried out during the year.
8 The company has not carried out any manufacturing activity during the
year and hence, in our opinion, clause 4 (viii) of the order in respect
of maintenance of cost records as required under section 209 of the
Companies Act, 1956 is not applicable.
9 (a) There has been no delay observed during the year in making
statutory payments.
(b) As per the explanation and information given to us, there are no
dues pending in dispute as on 31.03.2010 other than those stated below:
Name of Nature of Amount Authority
Statute Dues where pending
Securities and Compounding Rs. 1,75,000 The Adjudicating
Exchange charges Authority,
Board of India Securities
Regulation Act, and Exchange
1997. Board of India.
10 The accumulated losses at the end of the financial year of the
company are more than 50% of its net worth. The company had incurred
cash loss during the immediately preceding financial year. However, the
company has not incurred cash loss during the current financial year.
11 The company has not borrowed any sums from financial institution and
debenture holders and hence clause 4 (xi) of the order is not
applicable to company.
12 The company has not granted any loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
13 The company is not a chit fund or a nidhi / mutual benefit fund /
society, therefore , the clause 4 (xiii) of the order is not applicable
to the company.
14 In our opinion, the company is not dealing in or trading in
shares, securities, debentures and other investments.
15 As per the information and explanation given to us, the company has
not given any guarantee for loans taken by others from banks or
financial institution.
16 The company has not taken any term loan during the year.
17 In our opinion, the company has not used funds raised for short term
purposes for long term investments and vice- versa.
18 The company has not made any preferential allotment of shares to any
party.
19 The company has not issued any debentures and hence clause 4 (xix)
of the order is not applicable to the company.
20 The company has not raised any funds through public issue during the
year.
21 Based upon the audit procedures performed and on the basis of
information and explanation provided by the management, we report that
no fraud on or by the company has been noticed or reported during the
course of our audit.
For and on behalf of
V. PAREKH & ASSOCIATES
Chartered Accountants
FIRM REGISTRATION NO. 107488W
R.B.ANKLESARIA
Mumbai PARTNER
Dated: 30TH SEPTEMBER 2010 MEMBERSHIP NO: 32194