To the Members of Brilliant Portfolios Limited
Report on the Financial Statements
We have audited the accompanying financial statement of Brilliant Portfolios Limitedwhich comprise of the Balance Sheet as at March 31 2015 and the Statement of Profit andLoss and Cash Flow Statement for the year ended and a summary of significant accountingpolicies 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 andpresentation of these 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 section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.
This responsibility also includes the maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of the assets of the Company andfor 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 control 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.
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 under theprovisions of the Act and the Rule made there under.
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 financial statements are free from material misstatement. An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor s judgment including theassessment of the risks of material misstatements of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company s preparation of the financial statements thatgive true and fair view in order to design audit procedures that are appropriate in thecircumstances but not for the purpose of expressing an opinion on whether the Company hasin place an adequate internal financial controls system over financial reporting andoperating effectiveness of such controls. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company s Directors as well as evaluating the overall presentation ofthe financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India a) In the case of the Balance Sheet of the stateof affairs of the Company as at 31st March 2015;
b) In the case of the Profit and Loss account of the loss for the year ended on thatdate; and
c) In the case of the Cash Flow statement of the cash flows for the year ended on thatdate.
Report on Other Legal and Regulatory Requirements
1) As required by the Companies (Auditor s Report) Order 2015 ( the order ) issued bythe Central Government of India in terms of sub section (11) of section 143 of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theorder to the extent applicable.
2) As required by section 143(3) of the Act we report to the extent applicable that:a) We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit of the aforesaidfinancial statements.
b) In our opinion proper books of account as required by law relating to preparationof the aforesaid financial statements have been kept so far as it appears from ourexamination 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 relevant books of account maintainedfor the purpose of preparation of the financial statements.
d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
e) On the basis of the written representations received from the directors of thecompany as on 31st March 2015 taken on record by the Board of Directors of the companynone of the directors of the company is disqualified as on 31st March 2015 from beingappointed as a director in terms of section 164 (2) of the Act.
f) 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 in our opinionand to the best of our information and according to the explanations given to us:
i. There were no pending litigations which would impact the financial position of thecompany.
ii. The company did not have any material foreseeable losses on long term contractsincluding derivative contracts.
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For SANJEEV BHARGAVA & ASSOCIATES |
| ||Chartered Accountants |
| ||FRN 003724N |
| ||Sd/- |
| ||V.K. Gupta |
| ||Partner |
| ||Membership Number 081647 |
|Place of Signature: New Delhi || |
|Date: 30/05/2015 || |
Annexure to the Auditors report
[Referred in paragraph 1 under Report on Other Legal and Regulatory Requirements of ourreport of even date to the members of Brilliant Portfolios Limited on the accounts of thecompany for the year ended 31st March 2015] On the basis of such checks as we consideredappropriate and according to the information and Explanations given to us during thecourse of our audit we report that:
(i) In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year and nomaterial discrepancies were noticed on such verification. In our opinion this periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its assets.
(ii) The Company does not carry any inventory. In view of the foregoing the provisionsof paragraph 3(ii)(a) 3(ii)(b) & 3(ii)(c) relating to physical verification anddiscrepancies arising on physical verification of the inventory are not applicable.
(iii) According to the information and explanations given to us the Company has notgranted any loans to companies firms or other parties covered in the Register maintainedunder Section 189 of the Companies Act 2013; and therefore paragraph 3(iii) of the Orderis not applicable.
(iv) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for purchase of fixed assets and for the sale of services. Theactivities of the company do not involve purchase of inventory and the sale of goods. Wehave not observed any major weakness in the internal control system during the course ofour audit.
(v) According to the information and explanations given to us the Company has notaccepted any deposit from the public. Therefore the provisions of Clause (v) of paragraph3 of the CARO 2015 are not applicable to the Company.
(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act in respect of activities carried on by the Company.
(vii) In respect of statutory dues :
a) According to the records of the Company and information and explanations given tous the Company has generally been regular in depositing undisputed statutory duesincluding Provident Fund employees state insurance (ESI) Investor Education andProtection Fund Income Tax Service Tax Custom Duty Excise Duty Cess and othermaterial statutory dues applicable to it with the appropriate authorities.
b) According to the information and explanations given to us there are no materialdues of income tax sales tax wealth tax service tax duty of customs duty of excisevalue added tax and cess which have not been deposited with the appropriate authorities onaccount of any dispute.
c) According to the information and explanations given to us no amounts which wererequired to be transferred to the investor education and protection fund in accordancewith the relevant provisions of the Companies Act 1956 (1 of 1956) and rules there under.
(viii) The Company does not have any accumulated losses at the end of financial yearand has incurred cash losses of Rs. 2179366/- in the financial year and does not haveany cash losses in the immediately preceding financial year.
(ix) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to financial institutions banks anddebenture holders.
(x) In our opinion and according to the information and the explanations given to usthe Company has not given any guarantee for loans taken by others from banks or financialinstitutions.
(xi) The Company did not have any term loans outstanding during the year.
(xii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.
| ||For SANJEEV BHARGAVA & ASSOCIATES |
| ||Chartered Accountants |
| ||FRN 003724N |
| ||Sd/- |
| ||V.K Gupta |
|Place of Signature: New Delhi ||Partner |
|Date: 30/05/2015 ||Membership Number 081647 |