You are here » Home » Companies » Company Overview » Brilliant Portfolios Ltd

Brilliant Portfolios Ltd.

BSE: 539434 Sector: Financials
NSE: N.A. ISIN Code: INE661F01010
BSE 00:00 | 23 Dec Brilliant Portfolios Ltd
NSE 05:30 | 01 Jan Brilliant Portfolios Ltd
OPEN 6.08
PREVIOUS CLOSE 6.08
VOLUME 10
52-Week high 6.08
52-Week low 6.08
P/E 6.02
Mkt Cap.(Rs cr) 2
Buy Price 5.78
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.08
CLOSE 6.08
VOLUME 10
52-Week high 6.08
52-Week low 6.08
P/E 6.02
Mkt Cap.(Rs cr) 2
Buy Price 5.78
Buy Qty 5.00
Sell Price 0.00
Sell Qty 0.00

Brilliant Portfolios Ltd. (BRILLIANTPORT) - Auditors Report

Company auditors report

To the Members of Brilliant Portfolios Limited

Report on the Audit of the Financial Statements

Opinion

I have audited the accompanying financial statements of Brilliant PortfoliosLimited which comprise the balance sheet as at March 31 2019 and the Statementof Profit and Loss and Statement of Cash Flows for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information (hereinafter referred to as "the financial statements").

In my opinion and to the best of my information and according to the explanations givento me the aforesaid financial statements give the information required by the CompaniesAct 2013 ("the Act") in the manner so required and give a true and fair view inconformity with the Accounting Standards prescribed under section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014 as amended and accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 312019the profits and its cash flows for the year ended on that date.

Basis for Opinion

I conducted my audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. My responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of my report. I am independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to my audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and Ihave fulfilled my other ethical responsibilities in accordance with these requirements andthe ICAI's Code of Ethics. I believe that the audit evidence I have obtained is sufficientand appropriate to provide a basis for my opinion on the financial statements.

Key Audit Matters

Key audit matters are those matters that in my professional judgment were of mostsignificance in my audit of the financial statements of the current period. I based on thework I have performed determined that there are no key audit matters to communicate in myreport.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors are responsible for the other information. The otherinformation comprises the information included in the Management Discussion &Analysis Board's Report including annexure thereto but does not include the financialstatements and my auditor's report thereon.

My opinion on the financial statements does not cover the other information and I donot express any form of assurance conclusion thereon.

In connection with my audit of the financial statements my responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or my knowledge obtained in theaudit or otherwise appears to be materially misstated.

If based on the work I have performed I conclude that there is a materialmisstatement of this other information I am required to report that fact. I have nothingto report in this regard.

Responsibility of Management & Those Charged with Governance for the FinancialStatements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these financial statements that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the Accounting Standards and other accounting principlesgenerally accepted in India. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

My objectives are to obtain reasonable assurance about whether the financial statementsas a whole are free from material misstatement whether due to fraud or error and toissue an auditor's report that includes my opinion. Reasonable assurance is a high levelof assurance but is not a guarantee that an audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese financial statements.

As part of an audit in accordance with SAs I exercise professional judgment andmaintain professional skepticism throughout the audit. I also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for my opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act I am also responsible for expressing my opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If I conclude that a material uncertainty existsI am required to draw attention in my auditor's report to the related disclosures in thefinancial statements or if such disclosures are inadequate to modify my opinion. Myconclusions are based on the audit evidence obtained up to the date of my auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

I communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that I identify during my audit.

I also provide those charged with governance with a statement that I have complied withrelevant ethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on my independenceand where applicable related safeguards.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act I give in "Annexure A" a statement on the matters specified inparagraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on my audit I report that:

a) I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

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

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

d) In my 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 as on March31 2019 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2019 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 myseparate Report in "Annexure B".

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 my opinionand to the best of my information and according to the explanations given to me:

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 contracts forwhich there were any material foreseeable losses.

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

For Nitin Agrawal & Associates

Chartered Accountants

Firm's registration number - 015541C

Nitin Agrawal

(Proprietor)

Membership Number: 412315

Place: New Delhi

Date: 24/05/2019

Annexure A to the Independent Auditor's Report

(Referred to in paragraph 1 under the ‘Report on Other Legal andRegulatory Requirements' section of my report of even date)

i) In respect of the Company 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 program of physical verification of fixed assets which isin my opinion reasonable having regard to the size of the Company and the nature of itsassets. In accordance with this program certain fixed assets have been physicallyverified by the management during the year and no material discrepancies have been noticedon such verification.

c) No immovable properties are held in the name of the Company.

ii) In respect of inventories:

As explained to me shares are held as stock in trade which is treated as inventoriesand have been verified during the year by the management and no material discrepancy wasnoticed on such verification of stocks by the management as compared to book records.

iii) According to the information and explanation given to me the Company had notgranted loan to any of the companies firms and other parties covered in the registermaintained under section 189 and hence provisions of Clause 3(iii) of the Order are notapplicable to the Company.

iv) In my opinion and according to the information and explanations given to me theCompany had not granted any loans or provided any guarantee or security to the partiescovered under section 185 or made investment as per provisions of section 186 henceprovisions of Clause 3(iv) of the Order are not applicable to the Company.

v) In my opinion and according to the information and explanations given to me theCompany has not accepted deposits from the public within the meaning of Sections 73 7475 and 76 of the Act and the Rules framed there under to the extent notified. Thusprovisions of the Clause 3(v) of the Order are not applicable to the Company.

vi) On the basis of available information and explanation provided to me maintenanceof cost records has not been specified by the Central Government under sub-section (1) ofthe Section 148 of the Companies Act 2013 for the business activities carried out by theCompany. Thus reporting under Clause 3(vi) of the Order is not applicable to the Company.

vii) According to the information and explanations given to me in respect of statutorydues:

a) The Company is generally regular in depositing statutory dues including providentfund employees' state insurance income-tax and other statutory dues applicable to itwith the appropriate authorities.

b) There were no undisputed amount payable in respect of provident fund income-taxand other statutory dues in arrear as at March 31 2019 for a period more than six monthsfrom the date they became payable.

viii) According to the information and explanations given to me the company has notaccepted any loans or borrowings from financial institutions bank and government or hasnot issued any debentures during the year. Hence reporting under Clause 3(viii) of theOrder is not applicable to the Company.

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. Accordinglyreporting under Clause 3(ix) of the Order is not applicable to the Company.

x) To the best of our knowledge and according to the information and explanations givento me no fraud by the Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi) The Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provision of the Section 197 read with Schedule V ofthe Act.

xii) The Company is not a Nidhi Company and hence reporting under Clause 3(xii) of theOrder is not applicable to the Company.

xiii) The Company has entered into the transaction with the related parties incompliance with the provisions of the Section 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the financial statements as required bythe applicable accounting standards.

xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underClause 3(xiv) of the Order is not applicable to the Company.

xv) The Company has not entered into any non-cash transactions with its directors orthe persons connected with directors and hence reporting under Clause 3(xv) of the Orderis not applicable to the Company.

xvi) The Company has obtained registration under Section 45-IA of the Reserve Bank ofIndia Act 1934.

For Nitin Agrawal & Associates

Chartered Accountants

Firm's registration number - 015541C

Nitin Agrawal

Proprietor

Membership Number: 412315

Place: New Delhi

Date: 24/05/2019

Annexure B to the Independent Auditor's Report

(Referred to in paragraph 2(f) under the ‘Report on Other Legal and RegulatoryRequirements' section of my report of even date)

Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-Section 3 of Section 143 of the Act

I have audited the internal financial controls over financial reporting of BrilliantPortfolios Limited ("the Company") as of March 312019 in conjunction with myaudit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (the "GuidanceNote"). These responsibilities includes design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to Company's policiesthe safeguarding 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 Act.

Auditors' Responsibility

My responsibility is to express an opinion on Company's internal financial controlsover financial reporting based on my audit. I conducted my audit in accordance with theGuidance Note and the Standards on Auditing prescribed under Section 143(10) of the Actto the extent applicable to an audit of internal financial controls. Those Standards andGuidance note require that I comply with ethical requirements and plan and perform auditto obtain reasonable assurance about whether adequate internal financial controls overfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

My audit involves performing procedure to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 controls based on the assessed risk. Theprocedures selected depend on the auditor's judgement including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my 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 a reasonable assurance regarding the reliability of financial reporting andpreparation of financial statements for external purpose 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the Company;

2. Provide reasonable assurance that the transactions are recorded as necessary topermit preparation of financial statements in accordance with the generally acceptedaccounting principles and that receipts and expenditures of the Company are being madeonly in accordance with authorizations of management and directors of the Company; and

3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the Company's assets that could have amaterial 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 control 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 my opinion to the best of my information and according to the explanations given tome 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 312019 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Nitin Agrawal & Associates

Chartered Accountants

Firm's registration number - 015541C

Nitin Agrawal

(Proprietor)

Membership Number: 412315

Place: New Delhi

Date: 24/05/2019.