Mar 31, 2015
We have audited the accompanying standalone financial statements of
Brand Realty Services Ltd ("the Company), which comprise the Balance
Sheet as at 31st March, 2015, the Statement of Profit and Loss and Cash
Flow Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management,s Responsibility for the Financial Statements
The Company,s Board of Directors is responsible for the matters stated
in Section 134 (5) of the Companies Act, 2013 (" the Act") with respect
to the preparation of these financial statements that give a true and
fair view of the financial position, financial performance and cash
flows of the Company in accordance with accounting principles generally
accepted in India, including the Accounting Standards specified under
section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act for
safeguarding of the assets of the Company and for preventing and
detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that
are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial control that were operating
effectively for ensuring the accuracy and completeness of the
accounting records, relevant to the preparation and presentation of the
financial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor,s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made thereunder. We conducted our
audit in accordance with the Standards on Auditing, issued by the
Institute of Chartered Accountants of India, as specified under Section
143(10) of the Act. Those Standards require that we comply with ethical
requirements and plan and perform the audit to obtain reasonable
assurance about whether the financial statements are free from material
misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor,s judgement, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company,s preparation and
fair presentation of the financial statements that give a true and fair
view in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company,s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall the presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India of the state of affairs of the Company as
at March 31,2015, its profit, and its 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, 2015 ("the
Order") issued by the Central Government of India in terms of
subsection (11) of section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. 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 best of our knowledge and belief were necessary for the
purpose of our audit;
b) In our opinion proper books of account as required by law have been
kept by the Company 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 with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid financial statements comply with the
Accounting Standards specified under section 133 of the Act, read with
Rule 7 of the Companies (Accounts) Rules, 2014;
e) On the basis of written representations received from the directors
as on March 31,2015, and taken on record by theBoard of Directors, none
of the directors is disqualified as on March 31,2015, from being
appointed 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 in accordance with Rule 11 of the Companies (Audit and Auditors)
Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
i. The Company does not have any pending litigation except the Lease
hold Land where case is pending at Allahabad High Court as per
explanation given by the management. Refer Note Number 28(d) of the
Financial Statement.
ii The Company did not have any long-term contracts including
derivative contracts for which there were any material foreseeable
losses;
iii. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
ANNEXURE TO INDEPENDENT AUDITORS, REPORT OF BRAND REALTY SERVICES
LIMITED
FOR THE YEAR ENDED 31st MARCH, 2015.
We report that:
(i) (a) The company has maintained proper records showing full
particulars, including quantitative details and situation of fixed
assets.
(b) These fixed assets have been physically verified by the management
during the year end and there is a regular program of periodical
verification of all the fixed assets which in our opinion is
reasonable. No material discrepancies were noticed on such verification
and the same have been properly dealt with in the books of account.
(ii) (a) Physical verification of inventory of flats/shops has been
conducted at reasonable intervals by the management during the year. In
our opinion the frequency of verification is reasonable.
(b) The procedures of physical verification of inventory of flats/shops
followed by the management 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 of
flats/shops and no material discrepancies were noticed on physical
verification.
(iii) The company has not granted any loans, secured or unsecured to
companies, firms or other parties covered in the register maintained
under section 189 of the Companies Act 2013. Accordingly, the
provisions of clause 3(iii) (a) and (b) of the Order are not applicable
to the Company and hence not commented upon.
(iv) In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and fixed assets and for the sale of goods and
services. During the course of our audit, we have not observed any
major weakness or continuing failure to correct any major weakness in
the internal control system of the company in respect of these areas.
(v) The Company has not accepted any deposits from the public.
(vi) In our opinion, the Central Government has not specified the
maintenance of cost records under sub-section (1) of section 148 of the
Companies Act, 2013 for any of the services of the company.
(vii) (a) According to the information and explanations given to us, the
company was generally regular in depositing dues in respect of statutory
dues including provident fund, employees, state insurance, income-tax,
wealth tax, service tax, cess and any other material statutory dues
applicable to it.
(b) According to the records examined by us and information and
explanation given to us, there are no disputed amounts due in respect
of income tax and other statutory dues at the period ending 31st March
2015 for a period of more than six months
(c) As per the records, no amount was required to be transferred to
investor education and protection fund in accordance with the relevant
provisions of the Companies Act, 1956. Thus, part ( c) of clause (vii)
of paragraph 3 of the Order is not applicable to the Company.
(viii) The Company has no accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year.
(ix) Based on our audit procedures and as per the information and
explanations given by the management, we are of the opinion that the
Company has not defaulted in repayment of dues to financial
institutations and bank.
(x) According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
(xi) To the best of our knowledge and belief and according the
information and explanations given to us, in our opinion fresh term
loans availed by the Company were, prima-facie applied by the Company
during the year for the purpose for which the loans were obtained.
(xii) In our opinion and according the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the year that causes the financial statements to be materially
missated.
FOR R . RASTOGI & CO.
Chartered Accountants,
(Firm Registration No. 007527N)
Sd/-
Place: Delhi RAJESH RASTOGI
Date : 29-05-2015 (Proprietor)
M.No.86270
Mar 31, 2014
We have audited the accompanying financial statements of Brand Realty
Services Ltd ("the Company), which comprise the Balance sheet as at
31st March, 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended and a summary of significant
accounting policies and other explanatory information.
Management''s Responsibility for the Financial Statements
The Company''s Management is responsible for the preparation of these
finanancial statements that give a true and fair view of the
finanancial position, finanancial performance and cash flows of the
Company in accordance with the Accounting Standards notiued under the
Companies Act, 1956 ("the Act") read with the General Circular 15/2013
dated 13th September, 2013 of the Ministry of Corporate Affairs in
India in respect of Section 133 of the Companies Act, 2013 and in
accordance with the accounting principles generally accepted in India.
This responsibility includes the design, implementation and maintenance
of internal control relevant to the preparation and presentation of the
unancial statements that give a true and fair view and are free from
material misstatement, whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements that give a true and fair
view in order to design audit procedures that are appropriate in the
circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Company''s internal control. An audit also includes
evaluating the appropriateness of accounting policies used and the
reasonableness of the accounting estimates made by management, as well
as evaluating the overall the presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
a) In the case of Balance Sheet, of the state of affairs of the Company
as at March 31,2014;
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 the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies ( Auditor''s Report ) Order, 2003,
issued by the Central Government of India in terms of sub-section (4A )
of Section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227 (3) of the Act, we report that:
( a) We have obtained all the information and explanations, which to
the best of our knowledge and belief were necessary for the purposes of
our audit.
(b) 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.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow statement dealt with by this report of the company are in
agreement with the books of account.
(d) In our opinion, the Balance Sheet, the Statement of Prout and Loss,
and the Cash Flow Statement comply with the Accounting Standards
notified under the Act read with the General Circular 15/2013 dated
13th September, 2013 of the Ministry of Corporate Affairs in respect of
Section 133 of the Companies Act, 2013.
(e) On the basis of the written representations received from the
directors as on March 31,2014, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31, 2014,
from being appointed as director in terms of Section 274 (1) (g) of the
Companies Act 1956.
ANNEXURE TO INDEPENDENT AUDITORS'' REPORT OF BRAND REALTY SERVICES
LIMITED FOR THE YEAR ENDED 31st MARCH, 2014.
Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements "our report of even date
I. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets on the basis of available information.
(b) As explained to us,all the assets have been physically verified by
the management during the year and there is a regular program of
periodical verification of all the fixed assets which in our opinion is
reasonable, having regard to the size of the company and nature of its
fixed assets. No material discrepancies were noticed on such
verification.
(c) In our opinion, no substantial part of fixed assets has been
disposed off during the year and going concern status of the company is
not affected.
II. (a) According to the information & explanation given to us,
physical verification of inventories of flats/shops has been conducted
at reasonable intervals by the management during the year. In our
opinion the frequency of verification is reasonable.
(b) In our opinion the Company has maintained proper records of
inventories of flats/shops and according to the information and
explanation given to us no material discrepancies were noticed on the
physical verification conducted by the management.
III. (a) According to the information and explanations given to us, the
Company has not granted any secured or unsecured loan to companies,
firms and other parties covered in the register maintained Under
Section 301 of the Companies Act,1956, therefore other provisions of
this clause of the order are not applicable.
(b) The company has taken unsecured loan from four parties listed in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was rupees 734,26,451.00,
during the year the amount of loan received from parties was of rupees
508,54,076.50 and the year end balance of loan taken from such parties
was rupees 432,21,100.00 (c ) No interest was paid on this loan taken
from the related parties, since there is no schedule of repayment of
principal on the loan taken by the company, therefore other provisions
of this clause of the order are not applicable.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to purchase of property, for purchase of shares and fixed assets
and with regard to sale of property, shares and fixed assets , we have
not observed any continuing failure the correct major weaknesses in
internal control system.
V. (a) In our opinion and according to the information and explanations
given to us, there is no transaction that needs to be entered into the
Register in pursuance of Section 301 of the Companies Act, 1956.
(b) Other provision of this clause of the order is not applicable,
hence not commented upon.
VI. In our opinion and according to the information and explanations
given to us, the company has not accepted deposits from the public.
Therefore, the provisions of clause 4(vi) of the Order are not
applicable to the Company.
VII. In our opinion, the company has an internal audit system
commensurate with size of the company and the nature of its business.
VIII. In the case of company the maintenance of cost record has not
been prescribed by the Central Government under clause (d) of
sub-section (1) of section 209 of the Companies Act, 1956.
IX . (a) According to the records of the company examined by us, in our
opinion, the company is generally regular in depositing with
appropriate authorities undisputed statutory dues including income tax,
service tax, wealth tax and other material statutory dues applicable
to it.
(b) According to information and explanations given to us, there were
no undisputed amounts payable in respect of income tax, service tax,
wealth tax and other material statutory dues applicable to it, which
have remained outstanding as at 31st March 2014for a period of more
than six months from the date they became payable.
(c) According to information and explanations given to us, there were
no dues of income tax ,service tax, wealth tax and other material
statutory dues applicable to it, which has not been deposited on
account of any dispute.
X. The Company does not have accumulated losses at the end of the
current financial year and has not incurred cash losses either during
the year or during the immediately preceding financial year.
XI. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to
bank. Further, in our opinion and according to information and
explanations given to us, the company did not have any amount
outstanding to financial institutions or debenture holders.
XII. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII. The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore the provisions of this clause of the order are not
applicable to the company.
XIV. The Company is dealing on investments in shares , proper records
have been maintained of the transactions and contracts and timely
entries have been made therein, also shares have been held by the
company in its own name.
XV. The Company has not given any guarantee for loans taken by others
from bank or financial institutions during the year.
XVI. The Company has raised new term loan during the year of rupees 22
Lakhs from BMW India Financial Services Pvt. Ltd. against vehicle.The
term
loan outstanding at the beginning of the year and those raised during
the year have been applied for the purposes for which they were raised.
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 the nature of business is such that it is not possible to classify
the deployment of funds into long term and short term.
XVIII. 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. No debentures were issued by the company during the year.
XX. No money was raised by way of public issue during the year.
XXI. In our Opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
FOR R . RASTOGI & CO.
Chartered Accountants,
(Firm Registration No. 007527N)
Place: Delhi
Date : 20-05-2014 RAJESH RASTOGI
(Proprietor)
M.No.86270
Mar 31, 2013
Report on the Financial Statements
We have audited the accompanying financial statements of Brand Realty
Services Ltd ("the Company), which comprise the Balance sheet as at
31st March, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the accounting principles generally accepted in India including
Accounting Standards referred to in Section 211 (3C) of the Companies
Act, 1956 ("the Act). This responsibility includes the design,
implementation and maintenance of internal control relevant to the
preparation and presentation of the financial statements that give a
true and fair view and are free from material misstatement, whether due
to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessment, the auditor
consider internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid financial statements give the
information required by the Act in the manner so required and give a
true and fair view in conformity with the accounting principles
generally accepted in India:
(i) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2013;
(ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date and
(iii) In the case of Cash Flow Statement, of cash flow for the year
ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003, as
amended by the Companies (Auditor''s Report) Order, 2003 ("the Order"),
issued by the Central Government of India in terms of sub-section (4A)
of Section 227 of the Act, we give in the Annexure a statement on the
matters specified in paragraphs 4 and 5 of the Order.
2. As required by Section 227 (3) of the Act, we report that:
a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company, so far as it appears from our examination of
those books.
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow statement dealt with by this report of the company are in
agreement with the books of account.
(d) In our opinion , the Balance Sheet, the Statement of Profit & Loss
and the Cash Flow Statement comply with Accounting Standards referred
to in Sub Section (3C) of Section 211 the Companies Act, 1956.
(e) On the basis of the written representations received from the
directors as on March 31, 2013, taken on record by the Board of
Directors, none of the directors is disqualified as on March 31,2013,
from being appointed as director in terms of Section 274 (1) (g) of the
Companies Act 1956.
ANNEXURE TO INDEPENDENT AUDITORS''REPORT OF BRAND REALTY SERVICES
LIMITED FOR THE YEAR ENDED 31ST MARCH, 2013.
Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" our report of even date
I. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets on the basis of available information.
(b) As explained to us all the assets have been physically verified by
the management during the year and there is a regular program of
periodical verification of all the fixed assets which in our opinion is
reasonable having regard to the size of the company and nature of its
fixed assets. No material discrepancies were noticed on such
verification.
(c) In our opinion no substantial part of fixed assets has been
disposed off during the year & going concern status of the company is
not affected.
II. (a) According to the information & explanation given to us,
physical verification of inventories of flats/shops has been conducted
at reasonable intervals by the management during the year. In our
opinion the frequency of verification is reasonable.
(b) In our opinion the Company has maintained proper records of
inventories of flats/shops and according to the information and
explanation given to us no material discrepancies were noticed on the
physical verification conducted by the management.
III. (a) According to the information and explanations given to us,
the Company has not granted any secured or unsecured loan to companies,
firms and other parties covered in the register maintained Under
Section 301 of the Companies Act,1956, therefore other provisions of
this clause of the order are not applicable.
(b) The company has taken unsecured loan from four parties listed in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was rupees 400,20,000.00,
during the year the amount of loan received from parties was of rupees
435,73,722.00 and the year end balance of loan taken from such parties
was rupees 400,20,000.00
(c) No interest was paid on this loan taken from the related parties,
since there is no schedule of repayment of principal on the loan taken
by the company, therefore other provisions of this clause of the order
are not applicable.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to purchase of property, for purchase of shares and fixed assets
and with regard to sale of property, shares and fixed assets , we have
not observed any continuing failure to correct major weaknesses in
internal control system.
V. (a) In our opinion and according to the information and
explanations given to us, there is no transaction that needs to be
entered into the Register in pursuance of Section 301 of the Companies
Act, 1956.
(b) Other provision of this clause of the order is not applicable,
hence not commented upon.
VI. The company has not accepted deposits from the public within the
meaning of section 58A & 58AA o. any other relevant provisions of the
Act.
VII. In our opinion, the company has an internal audit system
commensurate with size of the company and the nature of its business.
VIII. In the case of company the maintenance of cost record has not
been prescribed by the Central Government under clause (d) of
sub-section (1) of section 209 of the Companies Act, 1956.
IX. (a) According to the records of the company examined by us, in our
opinion, the company is generally regular in depositing with
appropriate authorities undisputed statutory dues including income tax,
service tax, wealth tax and other .naterial statutory dues applicable
to it.
(b) According to information and explanations given to us, there were
no undisputed amounts payable in respect of Income tax, service tax,
wealth tax and other material statutory dues applicable to it, which
have remained outstanding as at 31st March 2013 for a period of more
than six months from the date they became payable.
(c) According to information and explanations given to us, there were
no dues of Income tax, service tax, wealth tax and other material
statutory dues applicable to it, which has not been deposited on
account of any dispute.
X The Company does not have accumulated losses at the end of the
current financial year and has not incurred cash losses either during
the year or during the immediately financial year.
XI. The Company has not taken any loan from financial institutions but
an OD limit of rupees 84 lakhs was sanctioned against Fixed Deposits by
SBBJ in the previous year and there was no default in repayment of dues
to bank.
XII. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII. The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore the provision of this clause of the order are not
applicable to the company.
XIV. The Company is dealing on investments in shares, proper records
have been maintained of the transactions and contracts and timely
entries have been made therein, also shares have been held by the
company in its own name.
XV. The Company has not raised new term loan during the year except an
outstanding loan against vehicle at the begining of the year and there
was no default in repayment of principal and interest.
XVI. According to the information and explanations given to us and on
an overall examination of the balance sheet of the company, we report
that the nature of business is such that it is not possible to classify
the deployment of funds into long term and short term.
XVII. 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.
XVIII. No debentures were issued by the company during the year.
XIX No money was raised by way of public issue during the year.
XX In our opinion and according to the information and explanations
given to us, no fraud on or by the company has been noticed or reported
during the course of our audit.
FOR R . RASTOGI & CO.
Chartered Accountants
Place : Delhi (Registration No. 007527N)
Date : 20/05/2013 RAJESH RASTOGI
(Proprietor)
M.No. 86270
Mar 31, 2012
(1) We have audited the attached Balance Sheet of Brand Realty Services
Ltd., Regd. Office at: S-8 & S-2, DDA Shopping Complex, Opp.- Pkt-1,
Mayur Vihar Phase I,Delhi-110091 as at 31st March, 2012, 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 report.
(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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the 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 by the Companies ( Auditor's Report ) (Amendment) Order, 2004
(together the "Order"), 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 Order.
(4) Further to our comments in the Annexure referred to in paragraph
(3) above, we report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) In our opinion, proper books of account as required by law have
been kept by the Company, 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 with by the report of the company are in agreement with
the books of account.
(d) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Statement of Profit
& Loss and Cash Flow Statement dealt with by report are, prepared in
compliance of the applicable accounting standard referred to in Sub
Section (3C) of Section 211 the Companies Act, 1956.
(e) Based on representations made by all the directors of the company,
and the information and explanations as made available, directors of
the company do not prima-facie have any disqualification as referred to
in clause (g) of sub section (1) of Section 274 of the Companies Act
1956.
(f) In our opinion, and to the best of our information and according to
the explanations given to us, the said accounts read together with the
other notes thereon 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 principle generally accepted in India :-
(i) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2012 and
(ii) In the case of the Statement of Profit and Loss, of the profit of
the Company for the year ended on that date.
(iii) In the case of Cash Flow Statement, of cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITOR'S REPORT OF BRAND REALTY SERVICES LIMITED FOR
THE YEAR
ENDED 31ST MARCH, 2012 Referred to in paragraph 3 of our report of even
date
I. (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular program of periodical
verification of all the fixed assets which in our opinion is reasonable
having regard to the size of the company and nature of its fixed
assets. No material discrepan- cies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
II. (a) According to the information & explanation given to us,
physical verification of inventories of flats/shops has been conducted
at reasonable intervals by the management during the year. In our
opinion the frequency of verification is reasonable.
(b) In our opinion the Company has maintained proper records of
inventories of flats/shops and according to the information and
explanation given to us no material discrepancies were noticed on the
physical verification conducted by the management.
III. (a) According to the information and explanations given to us, the
Company has not granted any secured or unsecured loan to companies,
firms and other parties covered in the register maintained Under
Section 301 of the Companies Act,1956, therefore other provisions of
this clause of the order are not applicable.
(b) The company has taken unsecured loan from four parties listed in
the register maintained under section 301 of the Companies Act, 1956.
The maximum amount involved during the year was rupees 456,75,000.00
during the year the amount of loan received from parties was of rupees
516,89,258.00 and the year end balance of loan taken from such parties
was rupees 223,95,000.00.
(c) No interest was paid on this loan taken from the related parties,
since there is no schedule of repayment of principal on the loan taken
by the company, therefore other provisions of this clause of the order
are not applicable.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to purchase of property, for purchase of shares and fixed assets
and with regard to sale of property, shares and fixed assets , we have
not observed any continuing failure to correct major weaknesses in
internal control system.
V. (a) In our opinion and according to the information and
explanations given to us, there is no transaction that needs to be
entered into the Register in pursuance of Section 301 of the Companies
Act, 1956.
(b) Other provision of this clause of the order is not applicable,
hence not commented upon.
VI. The company has not accepted deposits from the public within the
meaning of section 58A & 58AA or any other relevant provisions of the
Act.
VII. In our opinion, the company has an internal audit system
commensurate with size of the company and the nature of its business.
VIII. In the case of company the maintenance of cost record has not
been prescribed by the Central Government under clause (d) of
sub-section (1) of section 209 of the Companies Act, 1956.
IX . (a) According to the records of the company examined by us, in our
opinion, the company is generally regular in depositing with
appropriate authorities undisputed statutory dues including income tax,
and other material statutory dues applicable to it.
(b) According to information and explanations given to us, there were
no undisputed amounts payable in respect of Income tax, and other
material statutory dues applicable to it, which have remained
outstanding as at 31st March 2012 for a period of more than six months
from the date they became payable.
(c) According to information and explanations given to us, there were
no dues of Income tax and other material statutory dues applicable to
it, which has not been deposited on account of any dispute.
X. The Company has no accumulated losses at the end of the current
financial year and has not incurred cash loss either during the year or
during the immediately financial year.
XI. The Company has not taken any loan from financial institutions but
an OD limit of rupees 84 lakhs was sanctioned against Fixed Deposits by
SBBJ and there was no default in this loan.
XII. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII. The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore this clause is not applicable to the company.
XIV. The Company is dealing on the derivative (shares) segment and also
in/or trading in shares, securities, debentures and investments in
shares, proper records have been maintained of the transactions and
contracts and timely entries have been made therein, also shares,
securities, debentures and other investments have been held by the
company in its own name.
XV. The company has not granted loans and advances, on the basis of
security by way of pledge of shares, debentures and other securities.
XVI. The Company has not received any term loan during the year except
a loan against vehicle and there was no default in repayment of
principal and interest.
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 the nature of business is such that it is not possible to classify
the deployment of funds into long term and short term.
XVIII. The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Act.
XIX. No debentures were issued by the company during the year.
XX. No money was raised by way of public issue during the year.
XXI. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR R . RASTOGI & CO.
Chartered Accountants
Place : Delhi
Date : 20/08/2012
RAJESH RASTOGI
(Proprietor)
M.No. 86270
Mar 31, 2010
(1) We have audited the attached Balance Sheet of Brand Realty Services
Ltd., Regd. Office at: S-8 & S-2, DDA Shopping Complex, Opp.-Ptct-1,
Mayur Vihar Phase I De!hi-110091 as at 31st March, 2010, Profit and
Loss Account and also the Cash Flow Statement for the year ended on
that date annexed thereto. These financial statements are the
responsibility of the companys management. Our responsibility is to
express an opinion on these financial statements based on our report.
(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 amount and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by the management, as well as evaluating the overall the financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
(3) As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of Sub-Section (4A) of
Section 227 of the Companies Act, 1956, as amended by the Companies
(Auditors Report) (Amendment)Order, 2004, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
order of The Companies Act, 1956.
(4) Further to our comments in the Annexure referred to above, we
report that:
(a) We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purposes of our
audit.
(b) 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.
(c) The Balance Sheet, Profit and Loss Account and Cash Flow statement
dealt with by the report of the company are in agreement with the books
of account.
(d) In our opinion and to the best of our information and according to
the explanations given to us, the Balance Sheet and Profit & Loss
Account and Cash Flow Statement dealt with by report are, prepared in
compliance of the applicable accounting standard referred to in Sub
Section (3C) of Section 211 the Companies Act, 1956.
(e) Based on representations made by all the directors of the company,
and the information and explanations as made available, directors of
the company do not prima-facie have any disqualification as referred to
in clause (g) of sub section (1) of Section 274 of the Companies Act
1956.
(f) In, our opinion, and to the best of our information and according
to the explanations given to us, the said accounts read together with
the other notes thereon 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 principle generally accepted in India :-
(i) In the case of the Balance sheet, of the state of affairs of the
Company as at 31st March, 2010 and
(ii) In the case of the Profit and Loss Account, of the profit of the
Company for the year ended on that date.
(iii) In the case of cash flow statement, of cash flow for the year
ended on that date.
ANNEXURE TO THE AUDITORS REPORT OF BRAND REALTY SERVICES LIMITED
A) As required by the Companies (Auditors Report) Order 2003 issued by
the Central Government in terms of Section (4A) of Section 227 of the
Companies Act,1956 as amended by the Companies (Auditors
Report)(Amendment)Order, 2004 as referred to in paragraph 3 of our
report of even date, we report that:
L (a) The company has maintained proper records showing full
particulars including quantitative details and situation of the fixed
assets.
(b) All the assets have been physically verified by the management
during the year and there is a regular program of periodical
verification of all the fixed assets which in our opinion is reasonable
having regard to the size of the company and nature of its fixed
assets. No material discrepancies were noticed on such verification.
(c) No substantial part of fixed assets has been disposed off during
the year.
II. (a) According to the information & explanation given to us,
physical verification of inventories of flats/shops has been conducted
at reasonable intervals by the management during the year. In our
opinion the frequency of verification is reasonable.
(b) In our opinion the Company has maintained proper records of
inventories of flats/shops and according to the information and
explanation given to us no material discrepancies were noticed on the
physical verification conducted by the management.
III. (a) According to the information and explanations given to us,
the Company has not granted any secured or unsecured loan to companies,
firms and other parties covered in the register maintained Under
Section 301 of the Companies Act, 1956.
(b) According to the information and explanations given to us, the
Company has not taken any secured cr unsecured loan from companies,
firms and other parties covered in the register maintained Under
Section 301 of the Companies Act, 1956 other than the unsecured loan
taken of Rs.89,94,244/- from subsidiary company i.e. Brand Realty
Private Limited, the maximum balance was of Rs.2,57,76,959/- and year
end balance was Rs.89,94,244/-.
(c ) No interest was paid on this loan taken from subsidiary company,
since there is no schedule of repayment of principal on the loan taken
by the company, therefore other provisions of this clause of the order
are not applicable.
IV. In our opinion and according to the information and explanations
given to us, there are adequate internal control system commensurate
with the size of the company and the nature of its business, with
regard to purchase of property, for purchase of shares and fixed assets
and with regard to sale of property, shares and fixed assets , we have
not observed any continuing failure to correct major weaknesses in
internal control system.
V. (a) In our opinion and according to the information and
explanations given to us, there is no transaction that needs to be
entered into the Register in pursuance of Section 301 of the Companies
Act, 1956.
(b) Other provision of this clause of the order is not applicable,
hence not commented upon.
VI. The company has not accepted deposits from the public within the
meaning of section 58A & 58AA or any other relevant provisions of the
Act.
VII. In our opinion, the company has an internal audit system
commensurate with size of the company and the nature of its business.
VIII. In the case of company the maintenance of cost record has not
been prescribed by the Central Government under clause (d) of
sub-section (1) of section 209 of the Companies Act, 1956.
IX. (a) According to the records of the company examined by us, in our
opinion, the company is generally regular in depositing with
appropriate authorities undisputed statutory dues including income tax,
and other material statutory dues applicable to it.
(b) According to information and explanations given to us, there were
no undisputed amounts payable in respect of income tax, and other
material statutory dues applicable to it, which have remained
outstanding as at 31st March 2010 for a period of more than six months
from the date they became payable.
(c) According to information and explanations given to us, there were
no dues of Income tax and other material statutory dues applicable to
it, which has not been deposited on account of any dispute.
X. The Company has no accumulated losses at the end of the current
financial year and has not incurred cash loss either during the year or
during the immediately financial year.
XI. The Company had not taken any loan from bank or financial
institution.
XII. The company has not granted loans and advances on the basis of
security by way of pledge of shares, debentures and other securities.
XIII. The company is not a chit fund or a nidhi mutual benefit fund /
society. Therefore this clause is not applicable to the company.
XIV. The Company is dealing on the derivative (shares) segment and
also in/or trading in shares, securities, debentures and investments in
shares, proper records have been maintained of the transactions and
contracts and timely entries have been made therein: also shares,
securities, debentures and other investments have been held by the
company in its own name.
XV. The company has not granted loans and advances, on the basis of
security by way of pledge of shares, debentures and other securities.
XVI. The Company has not received any fresh term loan during the year.
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 the nature of business is such that it is not possible to classify
the deployment of funds into long term and short term.
XVIII. The company has not made any preferential allotment of shares
to parties and companies covered in the Register maintained under
Section 301 of the Act.
XIX. No debentures were issued by the company during the year.
XX. No money was raised by way of public issue during the year.
XXI. According to the information and explanations given to us, no
fraud on or by the company has been noticed or reported during the
course of our audit.
FOR R . RASTOGI & CO.
Chartered Accountants
Place: Delhi
Date : 23/08/2010
RAJESH RASTOGI
(Proprietor)
M.No. 86270