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Brand Realty Services Ltd.

BSE: 531203 Sector: Financials
NSE: N.A. ISIN Code: INE819G01012
BSE LIVE 14:10 | 18 Sep Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 61.00
PREVIOUS CLOSE 59.30
VOLUME 25
52-Week high 61.00
52-Week low 30.50
P/E
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 61.00
Sell Qty 175.00
OPEN 61.00
CLOSE 59.30
VOLUME 25
52-Week high 61.00
52-Week low 30.50
P/E
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 61.00
Sell Qty 175.00

Brand Realty Services Ltd. (BRANDREALTY) - Auditors Report

Company auditors report

To

THE MEMBERS

BRAND REALTY SERVICES LIMITED

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying standalone Ind AS financial statements of M/S BrandRealty Services Limited ("the Company") which comprise the Balance Sheet as at31st March 2017 and the related Statement of Profit and Loss and Cash Flows Statementfor the year ended and a summary of significant accounting policies and other explanatoryinformation.

Management’s Responsibility for the Standalone 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 preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position and financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards (Ind AS) prescribed under Section 133 of the Act.

This responsibility also includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting the 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 standalone Ind AS financial statements that give a true and fair view and are freefrom material misstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company’s preparation of the standalone Ind AS financial statementsthat give a true and fair view in order to design audit procedures that are appropriate inthe circumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by theCompany’s Directors as well as evaluating the overall presentation of the standaloneInd AS financial statements.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid 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 theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2017 and its profit/(loss) and its cash flows for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

1. 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 purposes of our audit.

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

(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flows Statementdealt with by this Report are in agreement with the relevant books of account.

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

(e) On the basis of the written representations received from the directors as on March31 2017 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

(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 A.

Our report expresses an unmodified opinion on the adequacy and operating effectivenessof the Company’s internal financial control over financial reporting.

(g) With respect to the other matters to be included in the Auditors’ Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. The Company has not disclosed the impact of pending litigation on its financialposition in its standalone Ind AS Financial statements of lease hold residential plotcarrying value of Rs.3.69 lakhs which is under dispute. [Refer Note Number 27(c) ]

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

iii. There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

iv. The Company has provided requisite disclosures in the standalone Ind AS financialstatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated November 8 2016 of the Ministry of Finance during theperiod from November 8 2016 to December 30 2016. Based on audit procedures performed andthe representations provided to us by the management we report that the disclosures are inaccordance with the books of account maintained by the Company and as produced to us bythe Management.

2. As required by the Companies (Auditor’s Report) Order 2016 issued by theCentral Government of India in terms of Section 143(11) of the Act we give in the‘Annexure B’ a statement on the matters specified in paragraphs 3 and 4 of theOrder.

FOR R . RASTOGI & CO.
Chartered Accountants
(Firm Registration No. 007527N)
Place: Delhi RAJESH RASTOGI
Date : 20-05-2017 (Proprietor)
M.No.86270

ANNEXURE ‘A’ TO THE INDEPENDENT AUDITOR’S REPORT OF EVEN DATE ON THESTANDALONE FINANCIAL

STATEMENTS OF BRAND REALTY SERVICES LIMITED

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date) We have audited the internalfinancial controls over financial reporting of Brand Realty Services Limited ("theCompany") as of March 31 2017 in conjunction with our audit of the standalone Ind ASfinancial statements of 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 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 assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

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 and the Standards on Auditing prescribed under Section 143(10) ofthe Act to the extent applicable to an audit of internal financial controls. The GuidanceNote and those Standard require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor’sjudgment including the assessment of the risks of material misstatement of the standaloneInd AS 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls Over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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 to the best of our information and according to the explanation givento us the Company has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2017 based on "the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note.

FOR R . RASTOGI & CO.
Chartered Accountants
(Firm Registration No. 007527N)
Place: Delhi RAJESH RASTOGI
Date : 20-05-2017 (Proprietor)
M.No.86270

ANNEXURE "B"TO INDEPENDENT AUDITORS’ REPORT OF BRAND REALTY SERVICES LTD

FOR THE YEAR ENDED 31ST MARCH 2017

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Report on Companies (Auditor’s Report) Order 2016 (‘the Order’) issuedby the Central Government in terms of Section 143(11) of the Companies Act 2013(‘the Act’) of Brand Realty Services Limited (‘the Company’) i) Inrespect of the Company’s fixed assets:

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

b) These fixed assets have been physically verified by the management during the yearin accordance with a regular program of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

c) According to the information and explanations given to us and the records examinedby us and based on the examination of the conveyance deed provided to us we report thatthe title deeds comprising all the immovable freehold properties of land and buildingsare held in the name of the Company as at the balance sheet date except a lease holdresidential plot carrying value of Rs.3.69 lakhs which is under dispute. (Refer NoteNumber 27(c) ] which would impact its financial position).

ii) There is no inventory in the company therefore paragraph 3(ii) of the Order is notapplicable.

iii) According to the information and explanations given to us the Company has grantedunsecured loan to a company covered in the register maintained under Section 189 of theCompanies Act 2013 in respect of which:

a. The terms and conditions of the grant of such loan are in our opinion prima facienot prejudicial to the Company’s interest.

b. The schedule of repayment of principal and payment of interest has been stipulatedand repayments or receipts of principal amounts and interest have been regular as perstipulations.

c. There is no overdue amount remaining outstanding as at the year-end.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provision of Section 185 and 186 of the Act in respect ofgrant of loan and making investment in a company in which the Director is interested. v)The Company has not accepted any deposits during the year. Therefore the provisions ofthe clause 3(v) of the Order are not applicable to the Company.

vi) In our opinion the Central Government has not specified the maintenance of costrecords under sub-section (1) of section 148 of the Companies Act2013 for any of theservices of the company. vii) According to the information and explanations given to usin respect of statutory dues: a) The Company was generally been regular in depositingundisputed statutory dues including Provident Fund Employees’ State InsuranceIncome Tax Service Tax Cess and other material statutory dues applicable to it with theappropriate authorities. b) There were no undisputed amounts payable in respect ofProvident Fund Employees’ State Insurance Income Tax Service Tax Cess and othermaterial statutory dues in arrears as at March 31 2017 for a period of more than sixmonths from the date they became payable.

viii) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of loans or borrowings to banks and otherfinancial institutions. The Company has not taken any fresh loan or borrowing fromfinancial institutions or government and has not issued any debentures.

ix) The Company did not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.

xi) In our opinion and according to the information and explanations given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V to the Act.

xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii) In our opinion and according to the information and explanations given to us theCompany is in compliance with Section 177 and 188 of the Act where applicable for alltransactions with the related parties and the details of related party transactions havebeen disclosed in the standalone Ind AS financial statements as required by the applicableaccounting standards.

xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.

xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non–cashtransactions with directors or persons connected to its Directors . Accordingly paragraph3(xv) of the Order is not applicable.

xvi) The Company is not required to be registered under section 45–IA of theReserve Bank of India Act 1934.

FOR R . RASTOGI & CO.
Chartered Accountants
(Firm Registration No. 007527N)
Place: Delhi RAJESH RASTOGI
Date : 20-05-2017 (Proprietor)
M.No.86270