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W H Brady & Co Ltd.

BSE: 501391 Sector: Others
NSE: N.A. ISIN Code: INE855A01019
BSE 14:16 | 20 Feb 180.90 -4.25
(-2.30%)
OPEN

181.50

HIGH

181.50

LOW

180.90

NSE 05:30 | 01 Jan W H Brady & Co Ltd
OPEN 181.50
PREVIOUS CLOSE 185.15
VOLUME 473
52-Week high 288.80
52-Week low 145.10
P/E 18.52
Mkt Cap.(Rs cr) 46
Buy Price 177.75
Buy Qty 10.00
Sell Price 180.90
Sell Qty 66.00
OPEN 181.50
CLOSE 185.15
VOLUME 473
52-Week high 288.80
52-Week low 145.10
P/E 18.52
Mkt Cap.(Rs cr) 46
Buy Price 177.75
Buy Qty 10.00
Sell Price 180.90
Sell Qty 66.00

W H Brady & Co Ltd. (WHBRADY) - Auditors Report

Company auditors report

TO THE MEMBERS OF W. H. BRADY & CO. LTD.

Report on the Financial Statements

We have audited the accompanying standalone financial statements of W H BRADY &CO LTD ("the Company") which comprise of Balance Sheet as at 31st March2017 the Statement of Profit and Loss and the Cash Flow Statement for the year then endedand a summary of 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 standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under the Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors' Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

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 under theprovisions of the Act and the Rules made thereunder.

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

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial 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. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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 standalone financial statements

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at 31stMarch 2017 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 2016("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act we give in the Annexure- A a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.

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 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 Balance Sheet the Statement of Profit and Loss and the 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 31stMarch 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2017 from being appointed as a director in terms of Section164 (2) of the Act.

(f) Our report on adequacy of internal financial controls system over financialreporting and the operating effectiveness of such controls is given 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 opinionand to the best of our information and according to the explanations given to us:

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements Refer Note 37 to the financial statements.

(ii) The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

(iv) The Company has provided requisite disclosures in its standalone financialstatements as to holdings as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to 30th December 2016 and these are in accordance with the booksof accounts maintained by the Company. Refer Note 20.1 to the standalone financialstatements.

FOR AND ON BEHALF OF
C. L. DALAL & CO.
CHARTERED ACCOUNTANTS
(R. C. JAIN)
PARTNER
Membership No.5180
Place :Mumbai Firm Regn.No.102026W
Date : May 25 2017

 

Name of the statute Nature of dues Amount (in lakhs) Period to which the amount relates Forum where the dispute is pending
Income-tax Act 1961 Income-tax on completion of regular assessment 2.47 Asst Yr 2005-06 Appeal order effect pending before Assessing Officer
Income-tax Act 1961 Income-tax on reopening of assessment 1.35 Asst Yr 2010-11 Appeal order effect pending before Assessing Officer
Income-tax Act 1961 Income-tax on reopening of assessment 1.64 Asst Yr 2011-12 Appeal order effect pending before Assessing Officer
Income-tax Act 1961 Income-tax on completion of regular assessment 2.49 Asst Yr 2012-13 Rectification pending before Assessing Officer
Income-tax Act 1961 Income-tax on reopening of assessment 22.79 Asst Yr 2014-15 CIT (Appeals) Mumbai

8. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of dues to banksduring the year. The Company has taken loans from financial institutions for purchase ofvehicles and has not defaulted in repayment of dues to financial institutions. The companyhas not taken any loans from Government or by way of issue of debentures.

9. In our opinion on an overall basis and according to the information and explanationsgiven to us the term loans were applied for the purpose for which the same were obtained.The Company has not raised any money by way of initial public offer or further publicoffer (including debt instruments) during the year.

10. To the best of our knowledge and belief and according to the information given tous no fraud by the Company or on the Company by its officers and employees was noticed orreported during the year.

11. According to the records of the Company examined by us and the information andexplanations given to us managerial remuneration has been paid / provided by the Companyin accordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act.

12. The Company is not a Nidhi Company hence our comments as required under clause3(xii) of the Order are not given.

13. According to the information and explanations given to us all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013where ever applicable and the details whereof have been stated in the Financial Statementsetc. as required by the applicable accounting standards.

14. According to the information and explanations given to us the company has not madeany preferential allotment or private placement of shares or fully or partly convertibledebentures during the year under review.

15. According to the records of the Company examined by us and the information andexplanations given to us the Company has not entered into any non- cash transactionsreferred to in section 192 of the Act with directors of the Company or persons connectedwith them during the year.

16. According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

FOR AND ON BEHALF OF
C. L. DALAL & CO.
CHARTERED ACCOUNTANTS
(R. C. JAIN)
PARTNER
Membership No.5180
Place :Mumbai Firm Regn.No.102026W
Date : May 25 2017

ANNEXURE "B" TO THE INDEPENDENT AUDITORS' REPORT

The Annexure referred in our Report of even date to the members of W H Brady & CoLtd for the year ended 31st March 2017

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 internalfinancial controls over financial reporting of W H Brady & Co Ltd ("theCompany") as of 31st March 2017 in conjunction with our audit of financial statementsof the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe 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 judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for my /our audit opinion on the Company's internal financial controls system overfinancial 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 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 AND ON BEHALF OF
C. L. DALAL & CO.
CHARTERED ACCOUNTANTS
(R. C. JAIN)
PARTNER
Membership No.5180
Place :Mumbai Firm Regn.No.102026W
Date : May 25 2017