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Brand Concepts Ltd.

BSE: 535042 Sector: Others
NSE: BCONCEPTS ISIN Code: INE977Y01011
BSE 05:30 | 01 Jan Brand Concepts Ltd
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Brand Concepts Ltd. (BCONCEPTS) - Auditors Report

Company auditors report

To the Members of

BRAND CONCEPTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of BRAND CONCEPTS LIMITED whichcomprise the Balance Sheet as at 31st March 2018 and the Statement of Profit and Lossand Cash Flow Statement for the year ended on that date and a summary of the significantaccounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Board of Directors is responsible for the matters stated in section 134(5) of theCompanies Act 2013 (the Act) with respect to the preparation of these financialstatements that give a true and fair view of the financial position financial performanceand cash flow of the Company in accordance with the Accounting principles generallyaccepted in India including the Accounting Standard specified under section 133 of theAct read with rule 7 of the Companies Accounts Rules (2014). This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding of the assets of the company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditors' 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 rules 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 the ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

Brand Concepts Ltd.: 31.03.2018

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on the auditors judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers the internal 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 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 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:

(a) in case of Balance Sheet of the state of affairs of the Company as at 31st March2018;

(b) in case of Statement of Profit and Loss of the profit of the Company for the yearended on that date.

(c) in case of Cash Flow Statement of the 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 issued by the CentralGovernment of India in terms of section 143(11) of the Companies Act 2013 and on thebasis of such checks as we considered appropriate and in terms of information andexplanations given to us and as they relate to the Company we enclose in the Annexure Aa statement on the matters specified in paragraphs 3 and 4 of the said Order to the extentapplicable to the company.

2. As required by Section 143(3) of the Act we report that:

 

Brand Concepts Ltd.: 31.03.2018

(a) we have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of ouraudit.

(b) in our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) the Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account.

(d) in our opinion the aforesaid financial statements comply with the AccountingStandards referred to in 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 and takenon record by the Board of Directors none of the directors is disqualified as on 31stMarch 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 of the Company and the operating effectiveness of such controls refer to ourseparate report in Annexure B; and

(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 does not have any pending litigations which would impact its financialposition.

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

(iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection fund.

For KHANDELWAL & JHAVER

Chartered Accountants

FRN 003923C

ANIL K. KHANDELWAL

Prop.

M. No.072124

Place: INDORE

Date : 28 May 2018

ANNEXUREATO THEAUDITORS' REPORT

Referred to in paragraph 1 of our report of even date.

1. a. The Company is in the process of completing fixed assets records showing fullparticulars including quantitative details and situation of fixed assets.

b. We are informed that fixed assets have been physically verified by the managementduring the year except those which have been placed at third party s premises and nodiscrepancy has been noticed on such verification. In our opinion frequency ofverification is reasonable having regard to the size of the company and the nature of itsassets.

c. There is no immovable asset held by the company requiring possession of title deed.

2 We are informed that the inventories have been physically verified by the managementduring the year frequency of which is reasonable. In our opinion and according to theinformation and explanations given to us the procedures of physical verification ofinventories followed by the management are reasonable and adequate in relation to the sizeof the company and the nature of its business. Discrepancies noticed on physicalverification were not material and the same have been properly dealt with in books ofaccounts.

3. As per information provided to us the company has not granted any loan secured orunsecured to companies firms Limited

Liability partnership or other parties covered in the register maintained under Section189 of the Companies Act 2013hence provisions of clauses 3(iii)(a) to (c) of the Order arenot applicable.

4. There is no loan investment guarantee and security given by the company henceprovisions of section 185 & 186 of the companies act 2013are not applicable.

5. In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits from the public during the year within the meaningof sections 73 to 76 or any other relevant provisions of the Companies Act and the Rulesframed there under.

6. As informed to us the company is not required to maintain cost records as specifiedby the Central Government U/s 148(1) of the Act.

 

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7. a. According to the information and explanations given to us and the recordsexamined by us the Company has been generally regular in depositing with appropriateauthorities undisputed statutory dues including provident fund employees' stateinsurance income tax sales tax customs duty cess and other material statutory duesapplicable to it and there were no arrears of such statutory dues as on 31st March 2018for a period of more than six months from the date they became payable.

b. According to the information given the particulars of dues with appropriateauthorities on account of dispute are stated as below:

Name of Statue Nature of Dues Amount Period Forum
Sales Tax Act M.P. CST 816613 2009-2010 TRIBUNALAPPEAL
Sales Tax Act M.P. CST 1245863 2010-2011 TRIBUNALAPPEAL
Sales Tax Act M.P. CST 978760 2011-2012 TRIBUNALAPPEAL
Sales Tax Act M.P. CST 1782536 2012-2013 TRIBUNALAPPEAL
Sales Tax Act M.P. CST 4356018 2013-2014 TRIBUNALAPPEAL
Sales Tax Act M.P. CST 4710614 2014-2015 TRIBUNALAPPEAL
Sales Tax Act MAHARASTRA CST 827228 2009-2010 APPEALATE AUTHRORITY
Sales Tax Act DELHI CST 2109823 2013-2014 APPEALATE AUTHORITY

8. The company is not in default as on the balance sheet date in repayments of loansand borrowings to financial institutions.

9. According to information and explanations given to us the money raised by way ofinitial public offer and term loan has been applied for the purposes they were taken.

10. During the course of our examination of the books and records of the company ascarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud by the company or on the company by itsofficers or employees nor have we been informed of any such instance noticed or reportedby the management.

11. According to information and explanations given to us managerial remuneration hasbeen paid or provided in accordance with the requisite approvals mandated by the provisionof Section 197 read with schedule 5 to the Companies Act 2013.

12. The Company is not a nidhi Company.

 

Brand Concepts Ltd.: 31.03.2018

13. According to information and explanations given to us transactions with relatedparties are in compliance with section 177 and 188 of the companies Act 2013 whereverapplicable and details have been disclosed in the financial statement as required by theapplicable accounting standard.

14. According to the information and explanations given to us and as per the recordsof the company examined by us the Company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the yearunder review. Hence Clause 3 (xiv) is not applicable.

15. According to the information and explanations given to us the company has notentered into any non-cash transactions with directors or persons connected with them.

16. As informed to us Company is not required to be registered under section 45-IA ofthe Reserve Bank of India1934.

For KHANDELWAL & JHAVER

Chartered Accountants

FRN 003923C

ANIL K. KHANDELWAL

Prop.

M. No.072124

Place: INDORE

Date : 28 May 2018

 

Brand Concepts Ltd.: 31.03.2018

ANNEXURE B TO THE AUDITORS'REPORT

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 internal financial control over financial reporting of BRANDCONCEPTS LIMITED (hereinafter referred to as the Company ) as at 31st March 2018 inconjunction with our audit of the financial statements of the Company for the year endedon that date.

Management's Responsibility for Internal Financial Control

The Respective Board of Directors of the Company are responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India ( ICAI ).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the 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.

Brand Concepts Ltd.: 31.03.2018

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 judgment including the assessment of the risks ofmaterial misstatement of the 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 controls systemover financial 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 re ect 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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.

 

Brand Concepts Ltd.: 31.03.2018

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 31 March 2018 based on theinternal financial controls over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.

For KHANDELWAL & JHAVER

Chartered Accountants

FRN 003923C

ANIL K. KHANDELWAL

Prop.

M. No.072124

Place: INDORE

Date : 28 May 2018