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Brandhouse Retails Ltd.

BSE: 533059 Sector: Industrials
NSE: BRANDHOUSE ISIN Code: INE317J01011
BSE LIVE 13:36 | 21 Dec Stock Is Not Traded.
NSE LIVE 15:15 | 30 Mar Stock Is Not Traded.
OPEN 0.66
PREVIOUS CLOSE 0.63
VOLUME 40460
52-Week high 0.66
52-Week low 0.60
P/E
Mkt Cap.(Rs cr) 3.54
Buy Price 0.66
Buy Qty 26740.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.66
CLOSE 0.63
VOLUME 40460
52-Week high 0.66
52-Week low 0.60
P/E
Mkt Cap.(Rs cr) 3.54
Buy Price 0.66
Buy Qty 26740.00
Sell Price 0.00
Sell Qty 0.00

Brandhouse Retails Ltd. (BRANDHOUSE) - Auditors Report

Company auditors report

BRANDHOUSE RETAILS LIMITED ANNUAL REPORT 2011-2012 AUDITORS' REPORT TO THE MEMBERS OF BRANDHOUSE RETAILS LIMITED 1. We have audited the attached Balance Sheet of Brandhouse Retails Limited ('the Company') as at March 31, 2012 and the Statement of Profit and Loss and also the Cash Flow statement for the year ended on that date annexed thereto. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audit. 2. We conducted our audit in accordance with auditing standards generally accepted in India. Those Standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for our opinion. 3. As required by the Companies (Auditor's Report) Order, 2003, (as amended), issued by the Central Government of India in terms of sub-section (4A) of Section 227 of 'The Companies Act, 1956' of India (the 'Act') and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us, we give in the Annexure a statement on the matters specified in paragraphs 4 and 5 of the said Order. 4. Further to our comments in the paragraph 3 above, we report that: i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the purpose of our audit; ii. In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books; iii. The Balance Sheet, Statement of Profit and Loss and the Cash Flow Statement dealt with by this report are in agreement with the books of account; iv. In our opinion, the Balance Sheet, Statement of the Profit and Loss and the Cash Flow Statement dealt with by this report comply with the Accounting standards referred to in sub-section (3C) of Section 211 of the Companies Act, 1956. v. On the basis of the written representations received from the directors, as on March 31, 2012, and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2012 from being appointed as a director in terms of clause (g) of sub-section (1) of Section 274 of the Companies Act, 1956. vi. In our opinion and to the best of our information and according to the explanations given to us, the said accounts give the information required by the Companies Act, 1956, in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, exceptnon confirmation of balances in respect of long term loans and advances wherein we are unable to comment on the resulting effect on relevant assets, liabilities and on the profit for the year a) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2012; b) In the case of the Statement of Profit and Loss, of the profit of the Company for the year ended on that date; and c) In the case of Cash Flow Statement, of the cash flows of the Company for the year ended on that date. For Malpani & Associates For Haribhakti & Co. Chartered Accountants Chartered Accountants Firm Registration No. 120438 W Firm Registration No. 103523 W Shyam Malpani Rakesh Rathi Proprietor Partner Membership No: 034171 Membership No. 045228 Place: Mumbai: Place: Mumbai Date : 30th May, 2012 Date : 30th May, 2012 ANNEXURE TO AUDITORS' REPORT: [Referred to in paragraph 3 of the Auditors' Report of even date to the members of Brandhouse Retails Limited on the financial statements for the year ended 31st March 2012] (i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets. (b) The Company has a regular programme of verification of fixed assets wherein all fixed assets are verified once in a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. As informed, no material discrepancies were noticed on such verification. (c) In our opinion and according to the information and explanations given to us, a substantial part of fixed assets has not been disposed off by the Company during the year. (ii) (a) As explained to us, the management has physically verified the inventory at all the showrooms as per a phased program, in which, all the showrooms are covered at least once in a year. In our opinion, the frequency of such verification is reasonable. (b) The procedures of physical verification of inventory followed by the management are reasonable and adequate in relation to the size of the Company and the nature of its business. (c) The Company is maintaining proper records of inventory and no material discrepancies were noticed on physical verification carried out at the end of the year. (iii) (a) As informed, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions stated in paragraph 4(iii)(b),(c) and (d) of the order are not applicable. (e) As informed, the Company has not taken any loans, secured or unsecured from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Accordingly, the provisions stated in paragraph 4 (iii)(f) and (g) of the order are not applicable. (iv) In our opinion and according to the information and explanations given to us, there exists an adequate internal control system commensurate with the size of the Company and the nature of its business with regard to purchase of inventory, fixed assets and with regard to the sale of goods and services. During the course of our audit, we have not observed any continuing failure to correct major weaknesses in internal control system of the Company. (v) (a) According to the information and explanations given to us, we are of the opinion that the particulars of contracts or arrangements referred to in Section 301 of the Companies Act, 1956 that need to be entered into the register maintained under Section 301 have been so entered. (b) In our opinion and according to the information and explanations given to us, the transactions made in pursuance of such contracts or arrangements each exceeding value of Rupees five lakhs have been entered into during the financial year at prices which are reasonable having regard to the prevailing market prices at the relevant time. (vi) In our opinion and according to the information and explanation given to us, the Company has not accepted any deposits from the public within the meaning of Sections 58A and 58AA of the Companies Act,1956 and the rules framed thereunder. (vii) In our opinion, the Company has an internal audit system commensurate with the size and nature of its business. (viii) The Central Government of India has not prescribed the maintenance of cost records under clause (d) of sub-section (1) of Section 209 of the Act for any of the products of the Company. (ix) (a) Undisputed statutory dues including Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Income-Tax, Sales-Tax, Wealth-Tax, Service Tax, Customs duty, Excise duty, Cess have not been regularly deposited with the appropriate authorities. According to the information and explanations given to us, there is no undisputed dues in respect of Provident Fund, Investor Education and Protection Fund, Employees' State Insurance, Wealth-Tax, Service Tax, Sales-Tax, Customs duty, Excise duty, Cess and other Statutory dues which were outstanding, at the year end for a period of more than six months from the date they became payable, except Income Tax liability amounting to Rs.1,038.01 Lacs. (b) According to the records of the Company, the dues outstanding of Income-Tax, Sales-Tax, Wealth-Tax, Service Tax, Customs duty, Excise duty and Cess on account of any dispute, are as follows: Name of the Forum at which Amount Period to which the statute appeal is pending (Rs.) amount relates Sales Tax, UP Deputy Commissioner 4.10 Lacs F.Y. 2007-08 Sales Tax, Deputy Commissioner 12.80 Lacs F.Y. 2004-05 Mumbai (x) The Company has no accumulated losses as at March 31, 2012 and it has not incurred any cash losses during the financial year covered by our audit and in the immediately preceding financial year. (xi) In our opinion and according to the information and explanations given to us, the Company has delayed in payment of interest of Rs. 296.80 lacs to debenture holder for the period from January 2012 to March 2012. (xii) We are of the opinion that the Company has maintained adequate records where the Company has granted loans and advances on the basis of security by way of pledge of shares, debentures and other securities. (xiii) In our opinion, the Company is not a chit fund or a nidhi/mutual benefit fund/society. Therefore, the provisions of clause (xiii) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xiv) In our opinion, the Company is not dealing in or trading in Shares, Securities, Debentures and other Investments. Accordingly, the provisions of clause (xiv) of paragraph 4 of the Companies (Auditor's Report) Order, 2003 (as amended) are not applicable to the Company. (xv) In our opinion and according to the information and explanations given to us, the terms and conditions of the guarantees given by the company, for loans taken by others from banks or financial institutions during the year, are not prejudicial to the interest of the Company. (xvi) During the year under review, the Company has not obtained any Term Loans. (xvii) According to the information and explanations given to us and on an overall examination of the balance sheet of the Company, we report that no funds raised on short-term basis have been used for long-term investment. (xviii) According to the information and explanation given to us, the Company has not made any Preferential Allotment of Shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xix) According to the information and explanations given to us, no debentures have been issued by the Company during the year. (xx) The Company has not raised money by way of public issue during the year. (xxi) During the course of our examination of the books and records of the Company, carried out in accordance with the generally accepted auditing practices in India, and according to the information and explanations given to us, we have neither come across any instance of fraud on or by the Company, noticed or reported during the year, nor have we been informed of such case by the management. For Malpani & Associates For Haribhakti & Co. Chartered Accountants Chartered Accountants Firm Registration No. 120438 W Firm Registration No. 103523 W Shyam Malpani Rakesh Rathi Proprietor Partner Membership No: 034171 Membership No. 045228 Place: Mumbai: Place: Mumbai Date : 30th May, 2012 Date : 30th May, 2012

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