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Brakes Auto (India) Ltd.

BSE: 520115 Sector: Others
NSE: N.A. ISIN Code: INE222G01019
BSE 15:27 | 11 Jul Brakes Auto (India) Ltd
NSE 05:30 | 01 Jan Brakes Auto (India) Ltd
OPEN 0.85
PREVIOUS CLOSE 0.89
VOLUME 17610
52-Week high 0.93
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.93
Sell Qty 790.00
OPEN 0.85
CLOSE 0.89
VOLUME 17610
52-Week high 0.93
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 2
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.93
Sell Qty 790.00

Brakes Auto (India) Ltd. (BRAKESAUTO) - Auditors Report

Company auditors report

TO THE MEMBERS OF BRAKES AUTO(INDIA) LIMITED

Report on the Financial Statements

1. We have audited the accompanying financial statements of Brakes Auto(India)Limited ("the Company") which comprise the Balance Sheet as at March 31st2015 Statement of Profit and Loss for the year ended March 31 2015 and the Cash FlowStatement for the year then ended and a summary of significant accounting policies andother explanatory information.

Management’s Responsibility for the Financial Statements

2. The Company’s Management is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditors’ Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit.

4. We have taken into account the provisions of the Act and the Rules made there underincluding the accounting standards and matters which are required to be included in theaudit report.

5. We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act and other applicable pronouncements issued by the Institute ofChartered Accountants of India. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditors’ judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal control relevant to the company’s preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and the operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Management as well as evaluating the overallpresentation of the financial statements.

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

Opinion

8. In our opinion and to the best of our information and according to the explanationsgiven to us the accompanying financial statements give the information required by theAct in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:

(a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2015;

(b) In the case of the Statement of Profit and Loss of the loss for the year ended onthat date;

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

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor’s Report) Order 2015’ (TheOrder) issued by the Central Government of India in terms of sub-section (11) of section143 of the Act and on the basis of such checks of the books and records of the Companyas we considered appropriate and according to the information and explanation given to uswe give in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

10. 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 bestof our knowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books;

(c) The company does not have any branch; hence this clause is not applicable;

(d) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account and records;

(e) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement dealt with by this report comply with the Accounting Standards specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014.

(f) In our opinion no financial transactions or matters which have any adverse effecton functioning of the company is observed.

(g) On the basis of written representations received from the directors as on 31stMarch 2015 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms ofsection 164(2) of the Companies Act 2013.

(h) With respect to the other matters to be included in the Auditor’s Report inaccordance with rules made there under in our opinion and to the best of our informationand according to the explanations given to us:

i. The Company has disclosed the impact if any of pending litigations as at 31stMarch 2015 on its financial position in its financial statements Refer Note 21;

ii. The Company has made provision as at 31st March 2015 as required under theapplicable law or accounting standards for material foreseeable lossesif any onlong-term contracts including derivative contracts;

iii. There were no requirement by the company to transfer to the Investor

Education and Protection Fund. Hence this clause is not applicable.

For Ashish Vyas & Co.

Firm Registration No. 09032C

(Chartered Accountants)

Ashish Vyas

(Proprietor)

Membership No.078527

Date: 13th May 2015

Place : Mumbai

ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT

Referred to in paragraph 9 of the Independent Auditors’ Report of even date to themembers of Brakes Auto(India) Limited on the financial statements as of and for theyear ended March 31 2015

We Report that:

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

(b) As informed to us most of the assets have been physically verified by themanagement during the year. There is a regular program of verification which in ouropinion is reasonable having regard to the size of the company and the nature of itsassets. No material discrepancies were noticed on such verification.

ii. (a) According to the information and explanations given to us the inventory andcapital work has been physically verified by the management during and at the close of theyear

(b) In our opinion and according to the information and explanations given to us theprocedures of physical verification of inventory and followed by the management asevidenced by the written procedures and instructions are reasonable and adequate inrelation to the size of the company and nature of its business.

(c ) The company is maintaining proper records of inventory. As explained to us nodiscrepancies were noticed on physical verification between physical stocks and bookrecords.

iii. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account the Company has not granted any loans secured orunsecured to companies firms or other parties listed in the register maintained underSection 189 of the Companies Act 2013. Therefore the provisions of clauses 3 (iii)iii(a) and (iii)(b) of the said Order are not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us thereexists an adequate internal control system commensurate with the size of the company andthe nature of its business with regard to purchase of fixed assets and with regard tosale of services. During the course of our audit we have not observed any continuingfailure to correct major weaknesses in internal control system of the company.

v. In our opinion and according to the information and explanations given to us thecompany has not accepted deposit from the public. Therefore said clause of the order isnot applicable to the company.

vi. As informed to us the Central Government has not prescribed the maintenance ofcost records under section 148(1) of the Companies Act 2013 for any of the products ofthe company.

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the books of account The company is regular in depositing withappropriate authorities undisputed statutory dues including provident fund investoreducation fund employees’ state insurance income tax sales tax wealth taxservice tax custom duty excise duty VAT Cess and other material statutory duesapplicable to it. No undisputed amounts payables in respect of income tax sales taxwealth tax service tax customs dutyVATCess and excise duty were in arrears as at 31stMarch 2015 for a period of more than six months from the date they became payable .

(b) According to the information and explanations given to us there are no dues ofincome tax sales tax service tax customs duty VATCess and excise duty which have notbeen deposited on account of any dispute.

(c ) ) According to the information and explanations given to us and on the basis ofour examination of the books of accounts there are no amount are required to betransferred investor education and protection fund.

viii. The Company does not have accumulated losses more than fifty percent of its networth at the end of the financial year. The Company has incurred cash losses during thefinancial year covered by the audit and cash loss in the immediately preceding financialyear.

ix. In our opinion and according to the information and explanations given to us thecompany has defaulted in repayment of dues to a financial institution bank .

x. According to the information and explanations given to us company has not givenguarantees for loans taken by others from Banks or financial institutions

xi. According to the information and explanations given to us the company has nottaken any term loans during the current year.

xii. During the course of our examination of the books of accounts carried out inaccordance with generally accepted auditing practices in India & According to theinformation and explanations given to us we have neither come across any incidence offraud on or by the company noticed or reported during the year nor have we been informedof any such case by the management.

For Ashish Vyas & Co.

Firm Registration No. 09032C

(Chartered Accountants)

Ashish Vyas

(Proprietor)

Membership No.078527

Date: 13th May 2015

Place : Mumbai