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Brawn Biotech Ltd.

BSE: 530207 Sector: Others
NSE: N.A. ISIN Code: INE899B01015
BSE 14:41 | 17 Jan 67.50 -2.45
(-3.50%)
OPEN

67.00

HIGH

69.75

LOW

67.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 67.00
PREVIOUS CLOSE 69.95
VOLUME 1130
52-Week high 95.60
52-Week low 46.45
P/E 16.46
Mkt Cap.(Rs cr) 20
Buy Price 67.50
Buy Qty 24.00
Sell Price 69.75
Sell Qty 195.00
OPEN 67.00
CLOSE 69.95
VOLUME 1130
52-Week high 95.60
52-Week low 46.45
P/E 16.46
Mkt Cap.(Rs cr) 20
Buy Price 67.50
Buy Qty 24.00
Sell Price 69.75
Sell Qty 195.00

Brawn Biotech Ltd. (BRAWNBIOTECH) - Auditors Report

Company auditors report

To the Members of Brawn Biotech Limited Report on the Financial Statements

We have audited the standalone financial statements of M/s. Brawn Biotech Limited("the Company") which comprise the Balance Sheet as at 31st March2017 the Statement of Profit and Loss the Cash Flow Statement for the year ended and asummary 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the 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 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 of 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; andthe design implementation and maintenance of adequate internal financial control thatwere operating 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 duetofraudorerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report undertheprovisions of the Actand the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India as specified under Section 143(10) of theAct. Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the financial statements are freefrom material misstatement. An audit involves performing procedures to obtain auditevidence about the amounts and disclosures in the financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company's preparation of the financial statements that give a true and fair view inorder to design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the financial statements.

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

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312017 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) Order2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the "Annexure A" a statement on the matters specified in paragraphs 3 and 4of 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 bestof our knowledge and belief were necessary forthe purpose of our audit;

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

(c) The Balance Sheet Statement of Profit and Loss Account and Cash Flow Statementdealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of written representations received from the directors as on March312017and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms of Section164 (2) of the Act;

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in "Annexure B"

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionandtothe best of our information and according to the explanations givento us:

I. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements -[Refer Note 2(M)]to the financial statements;

II. The Company did not have any outstanding long-term contracts including derivativecontracts as at March 312017 for which there were any material foreseeable losses; and

III. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

(h) We have appropriately disclosed [Refer Note 2(N)] the details of Specified BankNotes (SBN) held and transacted during the period from 8th November 2016 to 30thDecember 2016 pursuant to the requirement of Notification G.S.R 308(E) dated 30th March2017.

For Rajiv Udai and Associates
Chartered Accountants
FRN-018764N
Sd/-
Rajeev Jain
Place-Delhi Partner
Date-29.05.2017 M. No. 99767

Annexure - 'A' to the Auditor's Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statement for the year ended 31st March 2017 we report that:

(i) (a) The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed Asset have been physically verified by the management in a phased mannerdesigned to cover all the items over a period of three years which in our opinion isreasonable having regard to the size of the company and nature of its business. Pursuantto the program a portion of the fixed asset has been physically verified by themanagement during the year and no material discrepancies between the books records and thephysical fixed asset have been noticed.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the company the company did not hold any immovableproperty.

(ii) The management has conducted the physical verification of inventory at reasonableintervals and no material discrepancies were noticed.

(iii) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the Company has not granted any loans securedor unsecured to companies firms limited liability partnership or other parties coveredin the register maintained under section 189 of the Companies Act 2013

(iv) According to the information and explanations given to us and on the basis of ourexamination of the records of the company the company has complied with the provision ofSection 185 and 186 of the Companies Act 2013 with respect to loans and investments made.

(v) The Company has not accepted any deposits from the public during the year.

(vi) As informed to us the Central Government has not prescribed the maintenance ofcost records under sub-section (1) of Section 148 of the Act in respect of the activitiescarried on by the company.

(vii) (a) The Company is generally regular in depositing with the appropriateauthorities undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax wealth-tax service tax customs duty excise dutyvalue added tax cess and other material statutory dues.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax wealth-taxservice tax sales-tax customs duty excise duty value added tax cess and othermaterial statutory dues were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(c) According to the records of the Company there is no dues outstanding ofincome-tax sales-tax wealth-tax service tax customs duty excise duty value added taxand cess on account of any dispute.

(viii) The company has not defaulted in repayment of dues to a financial institution orbank or debenture holders.

(ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the compan has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause (ix) of the Order are not applicable to the Company and hence notcommented upon.(x) According to the information and explanations given to us no materialfraud by the Company or on the Company by it officers/ employees has been noticed orreported during the course of audit (xi) The managerial remuneration has been paid inaccordance with the requisite approvals mandated by the provision of section 197 read withschedule V to the Companies Act 2013.

(xii) The company is not a Nidhi company and the Nidhi Rules 2014 are not applicableto it. Accordingly the provisions of Clause

(xii) of the Order are not applicable to the Company.

(xiii) All transactions with the related parties are in compliance with Section 188 and177 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards and CompaniesAct 2013.

(xiv) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause (xiv) of the Order are not applicable to theCompany and hence not commented upon.

(xv) The company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly the provisions of Section 192 of Companies Act2013 are not applicable to the company.

(xvi) The company is not required to be registered under section 45 lAofthe ReserveBank of India Act 1934 and accordingly the provisions of clause (xvi) of the Order arenot applicable to the Company and hence not commented upon.

For Rajiv Udai and Associates
Chartered Accountants
FRN-018764N
Sd/-
Rajeev Jain
Place-Delhi Partner
Date-29.05.2017 M. No. 99767

Annexure - 'B' to the Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of BrawnBiotech Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemoverfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's 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 overfinancialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls overfinancialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For Rajiv Udai and Associates
Chartered Accountants
FRN-018764N
Sd/-
Rajeev Jain
Place-Delhi Partner
Date-29.05.2017 M. No. 99767