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Sequent Scientific Ltd.

BSE: 512529 Sector: Health care
NSE: SEQUENT ISIN Code: INE807F01027
BSE 00:00 | 22 Feb 66.10 -0.65
(-0.97%)
OPEN

67.35

HIGH

67.55

LOW

65.85

NSE 00:00 | 22 Feb 65.85 -0.85
(-1.27%)
OPEN

66.90

HIGH

67.80

LOW

65.60

OPEN 67.35
PREVIOUS CLOSE 66.75
VOLUME 21892
52-Week high 89.00
52-Week low 42.45
P/E 188.86
Mkt Cap.(Rs cr) 1,611
Buy Price 66.10
Buy Qty 77.00
Sell Price 66.10
Sell Qty 73.00
OPEN 67.35
CLOSE 66.75
VOLUME 21892
52-Week high 89.00
52-Week low 42.45
P/E 188.86
Mkt Cap.(Rs cr) 1,611
Buy Price 66.10
Buy Qty 77.00
Sell Price 66.10
Sell Qty 73.00

Sequent Scientific Ltd. (SEQUENT) - Auditors Report

Company auditors report

To the Members of Sequent Scientific Limited

Report on the Consolidated Ind AS Financial Statements

We have audited the accompanying consolidated Ind AS financial statements of SEQUENTSCIENTIFIC LIMITED (hereinafter referred to as "the Parent") and itssubsidiaries (the Parent and its subsidiaries together referred to as "theGroup") comprising the Consolidated Balance Sheet as at 31 March 2018 theConsolidated Statement of Profit and Loss including other comprehensive income theConsolidated Cash Flow Statement the Consolidated Statement of Changes in Equity for theyear then ended and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the consolidated Ind ASfinancial statements").

Management's Responsibility for the Consolidated Ind AS Financial Statements

The Parent's Board of Directors is responsible for the preparation of theseconsolidated Ind AS financial statements in terms of the requirements of the CompaniesAct 2013 (hereinafter referred to as "the Act") that give a true and fair viewof the consolidated financial position consolidated financial performance including othercomprehensive income consolidated cash flows and consolidated statement of changes inequity of the Group in accordance with the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended and other accounting principles generally accepted in India. Therespective Board of Directors of the companies included in the Group are responsible formaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding the assets of the Group and for preventing and detecting frauds and otherirregularities; the selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the consolidated financial statements that give a true andfair view and are free from material misstatement whether due to fraud or error whichhave been used for the purpose of preparation of the consolidated Ind AS financialstatements by the Directors of the Parent as aforesaid.

Auditor's Responsibility

Our responsibility is to express an opinion on these consolidated Ind AS financialstatements based on our audit. In conducting our audit we have taken into account theprovisions of the Act the accounting and auditing standards and matters which arerequired to be included in the audit report under the provisions of the Act and the Rulesmade 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 ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe consolidated Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the consolidated Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the consolidated Ind AS financial statements whether due to fraud orerror. In making those risk assessments the auditor considers internal financial controlrelevant to the Parent's preparation of the consolidated Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Parent'sBoard of Directors as well as evaluating the overall presentation of the consolidated IndAS financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained bythe other auditors in terms of their reports referred to in subparagraphs (a) of the OtherMatters paragraph below is sufficient and appropriate to provide a basis for our auditopinion on the consolidated Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of reports of the other auditors on separatefinancial statements of the subsidiaries referred to below in the Other Matters paragraphthe aforesaid consolidated Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with the IndAS and other accounting principles generally accepted in India of the consolidated stateof affairs of the Group as at 31 March 2018 and their consolidated profit consolidatedtotal comprehensive income their consolidated cash flows and consolidated statement ofchanges in equity for the year ended on that date.

Other Matters

(a) In respect of continuing operations we did not audit the financial statements ofeleven subsidiaries included in the consolidated IndAS financial statements whosefinancial statements reflect total assets of Rs. Rs.4598.09 million as at 31 March 2018total revenues of Rs. 5754.23 million and net cash outflows amounting to Rs. 72.91million for the year ended on that date as considered in the consolidated Ind ASfinancial statements. These financial statements have been audited by other auditors whosereports have been furnished to us by the Management and our opinion on the consolidatedInd AS financial statements in so far as it relates to the amounts and disclosuresincluded in respect of these subsidiaries and our report in terms of sub-section (3) ofSection 143 of the Act in so far as it relates to the aforesaid subsidiaries is basedsolely on the reports of the other auditors.

In respect of discontinuing operations we did not audit the financial statements ofone subsidiary included in the consolidated IndAS financial statements whose financialstatements reflect total revenues of Rs. 175.59 million and net cash outflows amountingto Rs. 0.14 million for the period as considered in the consolidated financialstatements.

(b) In respect of continuing operations we did not audit the financial statements often subsidiaries whose financial statements reflect total assets of Rs. 3654.01 millionas at 31 March 2018 total revenues of Rs.10.03 million and net cash inflows amounting toRs. 46.38 million for the year ended on that date as considered in the consolidated IndAS financial statements.

In respect of discontinuing operations we did not audit the financial statements ofone subsidiary included in the consolidated IndAS financial statements whose financialstatements reflect total revenues of Rs. Nil and net cash outflows amounting to Rs. 0.05million for the period as considered in the consolidated financial statements.

These financial statements are unaudited and have been furnished to us by theManagement and our opinion on the consolidated Ind AS financial statements in so far asit relates to the amounts and disclosures included in respect of these subsidiaries isbased solely on such unaudited financial statements. In our opinion and according to theinformation and explanations given to us by the Management these financial statements arenot material to the Group.

Our opinion on the consolidated Ind AS financial statements above and our report onOther Legal and Regulatory Requirements below is not modified in respect of the abovematters with respect to our reliance on the work done and the reports of the otherauditors and the financial statements certified by the Management.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act based on our audit and on the considerationof the report of the other auditors on separate financial statements of subsidiariesincorporated in India referred in the Other Matters paragraph above 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 purposes of our audit of the aforesaidconsolidated Ind AS financial statements.

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid consolidated Ind AS financial statements have been kept so far as itappears from our examination of those books and the reports of the other auditors.

(c) The Consolidated Balance Sheet the Consolidated Statement of Profit and Loss(including Other Comprehensive Income) the Consolidated Cash Flow Statement andConsolidated Statement of Changes in Equity dealt with by this Report are in agreementwith the relevant books of account maintained for the purpose of preparation of theconsolidated Ind AS financial statements.

(d) In our opinion the aforesaid consolidated Ind AS financial statements comply withthe Indian Accounting Standards prescribed under Section 133 of the Act.

(e) On the basis of the written representations received from the directors of theParent as on 31 March 2018 taken on record by the Board of Directors of the Parent andthe reports of the statutory auditors of its subsidiary companies incorporated in Indianone of the directors of the Group companies incorporated in India is disqualified as on31 March 2018 from being appointed as a director in terms of Section 164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting and the operating effectiveness of such controls refer to our separate Reportin "Annexure A" which is based on the auditors' reports of the Parent companyand subsidiary companies incorporated in India. Our report expresses an unmodified opinionon the adequacy and operating effectiveness of the internal financial controls overfinancial reporting of Parent and subsidiary companies incorporated in India

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The consolidated Ind AS financial statements disclose the impact of pendinglitigations on the consolidated financial position of the Group.

ii. The group did not have any material foreseeable losses on long-term contractsincluding derivative contracts.

iii. There has been no delay in transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Parent and its subsidiary companiesincorporated in India.

For Deloitte Haskins & Sells
Chartered Accountants
(Firm's Registration No.008072S)
Sathya P. Koushik
Partner
(Membership No. 206920)
Thane 24 May 2018
SPK/JKS/2018