Mar 31, 2015
We have audited the accompanying financial statement of Brilliant
Portfolios Limited which comprise of the Balance Sheet as at March
31,2015, and the Statement of Profit and Loss and 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
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 and presentation 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 the
Accounting Standards specified 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 in
accordance with the provision of the Act for safeguarding of the assets
of the Company and for preventing and detecting the frauds and other
irregularities; selection and application of appropriate accounting
policies; making judgments and estimates that are reasonable and
prudent; and 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 Rule made
there under.
We conducted our audit in accordance with the Standards on Auditing
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 judgment, including the assessment of the risks of material
misstatements of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
financial control relevant to the Company's preparation of the
financial statements that give 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 whether the Company has in
place an adequate internal financial controls system over financial
reporting and operating effectiveness of such controls. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by Company's
Directors, 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 our 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 the Balance Sheet, of the state of 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 that date; and
c) In the case of the 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, 2015 ("the
order"), issued by the Central Government of India in terms of sub
section (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,
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 of our knowledge and belief were necessary for the
purposes of our audit of the aforesaid financial statements.
b) In our opinion, proper books of account as required by law relating
to preparation of the aforesaid financial statements have been kept 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 are in agreement with the
relevant books of account maintained for the purpose of preparation of
the financial statements.
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 the written representations received from the
directors of the company as on 31st March, 2015 taken on record by the
Board of Directors of the company, none of the directors of the company
is disqualified as on 31st March, 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
Auditor's) Rules, 2014, in our opinion and 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 the company.
ii. The company did not have any material foreseeable losses on long
term contracts including derivative contracts.
iii. There were no amounts which were required to be transferred to
the Investor Education and Protection Fund by the Company.
Annexure to the Auditors' report
[Referred in paragraph 1 under 'Report on Other Legal and Regulatory
Requirements' of our report of even date to the members of Brilliant
Portfolios Limited on the accounts of the company for the year ended 31
st March, 2015]
On the basis of such checks as we considered appropriate and according
to the information and Explanations given to us during the course of
our audit, we report that:
(i) In respect of its fixed assets:
a) The Company has maintained proper records showing full particulars,
including quantitative details and situation of fixed assets.
b) The Company has a regular programme of physical verification of its
fixed assets by which fixed assets are verified in a phased manner over
a period of three years. In accordance with this programme, certain
fixed assets were verified during the year and no material
discrepancies were noticed on such verification. In our opinion, this
periodicity of physical verification is reasonable having regard to the
size of the Company and the nature of its assets.
(ii) The Company does not carry any inventory. In view of the
foregoing, the provisions of paragraph 3(ii)(a), 3(ii)(b) & 3(ii)(c)
relating to physical verification and discrepancies arising on physical
verification of the inventory are not applicable.
(iii) According to the information and explanations given to us, the
Company has not granted any loans to companies, firms or other parties
covered in the Register maintained under Section 189 of the Companies
Act, 2013; and therefore paragraph 3(iii) of the Order is not
applicable.
(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
purchase of fixed assets and for the sale of services. The activities
of the company do not involve purchase of inventory and the sale of
goods. We have not observed any major weakness in the internal control
system during the course of our audit.
(v) According to the information and explanations given to us, the
Company has not accepted any deposit from the public. Therefore, the
provisions of Clause (v) of paragraph 3 of the CARO 2015 are not
applicable to the Company.
(vi) The Central Government has not prescribed the maintenance of cost
records under section 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 to us, the Company has generally been regular in
depositing undisputed statutory dues, including Provident Fund,
employees state insurance (ESI), Investor Education and Protection
Fund, Income Tax, Service Tax, Custom Duty, Excise Duty, Cess and other
material statutory dues applicable to it, with the appropriate
authorities.
b) According to the information and explanations given to us, there are
no material dues of income tax, sales tax, wealth tax, service tax,
duty of customs, duty of excise, value added tax and cess which have
not been deposited with the appropriate authorities on account of any
dispute.
c) According to the information and explanations given to us no amounts
which were required to be transferred to the investor education and
protection fund in accordance with 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 year and has incurred cash losses of Rs. 21,79,366/- in the
financial year and does not have any cash losses in the immediately
preceding financial year.
(ix) In our opinion and according to the information and explanations
given to us, the Company has not defaulted in the repayment of dues to
financial institutions, banks and debenture holders.
(x) In our opinion and according to the information and the
explanations given to us, the Company has not given any guarantee for
loans taken by others from banks or financial institutions.
(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
explanations given to us, no fraud by the Company and no material fraud
on the Company has been noticed or reported during the year.
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