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Elixir Capital Ltd.

BSE: 531278 Sector: Financials
NSE: N.A. ISIN Code: INE785D01012
BSE LIVE 12:04 | 11 Dec 40.20 -1.30
(-3.13%)
OPEN

38.30

HIGH

40.50

LOW

38.30

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 38.30
PREVIOUS CLOSE 41.50
VOLUME 70
52-Week high 48.85
52-Week low 31.40
P/E 31.41
Mkt Cap.(Rs cr) 23
Buy Price 38.65
Buy Qty 46.00
Sell Price 41.20
Sell Qty 3.00
OPEN 38.30
CLOSE 41.50
VOLUME 70
52-Week high 48.85
52-Week low 31.40
P/E 31.41
Mkt Cap.(Rs cr) 23
Buy Price 38.65
Buy Qty 46.00
Sell Price 41.20
Sell Qty 3.00

Elixir Capital Ltd. (ELIXIRCAPITAL) - Auditors Report

Company auditors report

To the Members of

Elixir Capital Limited

Report on the Financial Statements

1. We have audited the accompanying standalone Financial Statements of ElixirCapital Limited ("the Company") which comprise the Balance Sheet as atMarch 31 2017 the Statement of Profit & Loss and the Cash Flow Statement for theyear then ended and a summary of significant accounting policies and other explanatoryInformation.

Management’s Responsibility for the (Standalone) * Financial Statements

2. The management and Board of Directors of the Company are responsible for thematters stated in Section 134(5) of the Companies Act 2013 ("the Act")with respect to the preparation of these standalone financial statements that give a trueand fair view of the financial position financial performance and cash flows of theCompany in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards specified under Section 133 of the Act read with rule7 of Companies (Accounts) Rules 2014. This responsibility includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; design implementation andmaintenance of adequate internal financial controls that are operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor’s Responsibility

3. Our responsibility is to express an opinion on these standalone financialstatements based on our audit.

4. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made there under.

5. We conducted our audit of these standalone financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial misstatements.

6. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the standalone financial statements. The procedures selecteddepend on the auditor’s judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany’s preparation of the standalone financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by the Company’s management and Boardof Directors as well as evaluating the overall presentation of the standalone financialstatements.

7. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone financialstatements.

Opinion

8. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone Financial Statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2017 and its profit and its cash flows for the yearended on that date.

Report on Other Legal and Regulatory Requirements

9. As required by the Companies (Auditor’s Report) Order 2017 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act and on the basis of such checks of the books and records of theCompany as we considered appropriate and according to the information and explanationsgiven to us we give in the Annexure B a statement on the matters Specified inparagraphs 3 and 4 of the Order.

10. As required by section 143(3) of the Act we further report that:

a) We have sought and obtained all the information and explanations which to the bestof 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 theCompany so far as 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 standalone financial statements comply with theapplicable Accounting Standards specified under Section 133 of the Act read with Rule 7of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on March312017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2017 from being appointed as a director in terms of Section164(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 A.

g) In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor’s Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014.

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; assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the year ended March 312017.

iv. The Company has provided requisite disclosures in the standalone financialstatements as to holding as well as dealings in Specified Bank Notes during the periodfrom 8th November 2016 to December 2016 on the basis of information available with theCompany. Based on audit procedures and relying on management’s representation wereport that disclosures are in accordance with the books of accounts maintained by theCompany and as produced to us by the Management. Refer to Note 23 of the FinancialStatements.

For P.C. SURANA & CO.
Chartered Accountants
(Registration No. 110631W)
(Sunil Bohra)
Place: Mumbai Partner
Date : 24th May 2017 Membership No. 039761

Annexure - A to Independent Auditors’ Report

Referred to in paragraph 10(f) of theIndependent Auditors’ Report of even date to the Members of Elixir Capital Limited("the Company") on the standalone Financial Statements of the Company for theyear ended 31st March 2017.

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 controls over financial reporting of ElixirCapital Limited ("the Company") as of 31 March 2017 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI’). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation 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 issued by the Institute ofChartered Accountants of India. Those Standards and the Guidance Note require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls over financial reporting wasestablished and maintained and if such controls operated effectively in all materialrespects.

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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting 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 transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised acquisition use or disposition of the company’s assets that could havea 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.

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 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For P.C. SURANA & CO.
Chartered Accountants
(Registration No. 110631W)
(Sunil Bohra)
Place: Mumbai Partner
Date : 24th May 2017 Membership No. 039761

Annexure - B to Independent Auditors’ Report

Referred to in paragraph 9 of Our Report ofeven date to the Members of Elixir CapitalLimited ("the Company") on the accounts of the Companyfor the year ended 31st March 2017.

On the basis of such checks as we considered appropriate and according to theinformation 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 includingquantitative details and situation of fixed assets.

(b) As explained to us the management during the year has physically verified thefixed assets in a phased periodical manner which in our opinion is reasonable havingregard to the size of the Company and nature of its assets. No material discrepancies werenoticed on such physical verification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

ii. The nature of business of the Company does not require it to hold any physicalinventories. Hence the paragraph 3(ii) of the Order is not applicable to the Company.

iii. The Company has not granted any loans secured or unsecured to companies firmsor other parties covered in the Register maintained under Section 189 of the CompaniesAct 2013 and hence the paragraph 3(iii) of the Order is not applicable to the Company.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of sections 185 and 186 of the Act with respectto the loans investments and guarantees made.

v. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013.

vi. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act.

vii. In respect of statutory dues:

(a) According to the records of the company in our opinion the company has beengenerally regular in depositing undisputed statutory dues including Provident FundEmployees’ State Insurance Income Tax Sales Tax Service Tax Customs Duty ExciseDuty Value Added Tax cess and any other statutory dues with the appropriate authorities.

According to the information and explanation given to us no undisputed amounts payablein respect of Provident Fund Employees’ State Insurance Income Tax Sales TaxWealth Tax Service Tax Customs Duty Excise Duty Value Added Tax Cess and othermaterial statutory dues were in arrears as at 31 March 2017 for a period of more than sixmonths from the date they become payable.

(b) According to the information and explanations given to us and based on the recordsof the Company examined by us there are no dues of Income Tax Service Tax Sales TaxCustoms Duty Excise Duty and Value Added Tax which have not been deposited on account ofany disputes.

viii. According to the explanations and information given to us and on the basis ofour examination of records of the Company the Company does not have any loans orborrowings from any financial institutions banks government or debenture holders duringthe year. Hence the paragraph 3(viii) of the Order is not applicable to the Company.

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Hence theparagraph 3(ix) of the Order is not applicable to the Company.

x. During the course of our examination of the books and records of the company carriedin accordance with the auditing standards generally accepted in India we have neithercome across any instance of fraud by the Company or by its officers or employees on it hasbeen noticed or reported during the course of our audit nor have we been informed of anysuch instance by the Management.

xi. According to the records examined by us and as per the information and explanationsgiven to us the Company has not made any payment of managerial remuneration and hencethe paragraph 3(xi) of the Order is not applicable to the Company.

xii. In our opinion and according to information and explanations given to us theCompany is not a Nidhi company and hence the paragraph 3(xii) of the Order is notapplicable to the Company.

xiii. According to information and explanations given to us and based on ourexamination of the records of the Company transactions entered with the related partiesare in compliance with sections 177 and 188 of Act where applicable and the details ofsuch transactions have been disclosed in the Financial Statements as required by theapplicable accounting standards.

xiv. According to information and explanations given to us and based on our examinationof the records of the Company the company has not made any preferential allotment orprivate placement of shares or fully or partly convertible debentures during the year.

xv. According to information and explanations given to us and based on our examinationof the records of the Company the company has not entered into any non -cash transactionswith directors or persons connected with him during the year and hence the paragraph3(xii) of the Order is not applicable to the Company.

xvi. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause 3(xvi) of the Order are notapplicable to the Company.

For P.C. SURANA & CO.
Chartered Accountants
(Registration No. 110631W)
(Sunil Bohra)
Place: Mumbai Partner
Date : 24th May 2017 Membership No. 039761