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Phoenix International Ltd.

BSE: 526481 Sector: Others
NSE: PHOENXINTL ISIN Code: INE245B01011
BSE LIVE 15:27 | 15 Dec 12.70 -0.55
(-4.15%)
OPEN

13.01

HIGH

13.01

LOW

12.65

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 13.01
PREVIOUS CLOSE 13.25
VOLUME 1222
52-Week high 16.50
52-Week low 8.60
P/E 14.77
Mkt Cap.(Rs cr) 21
Buy Price 12.70
Buy Qty 48.00
Sell Price 13.45
Sell Qty 44.00
OPEN 13.01
CLOSE 13.25
VOLUME 1222
52-Week high 16.50
52-Week low 8.60
P/E 14.77
Mkt Cap.(Rs cr) 21
Buy Price 12.70
Buy Qty 48.00
Sell Price 13.45
Sell Qty 44.00

Phoenix International Ltd. (PHOENXINTL) - Auditors Report

Company auditors report

To the Members of

Phoenix International Limited Report

on the Financial Statements

We have audited the accompanying financial statements of Phoenix InternationalLimited("the Company") which comprise the Balance Sheet as at March 31 2016the Statement of Profit and Loss and Cash Flow Statement for the year then ended and asummary 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 atrue and fair view of the financial position financial performance and cash flows of theCompany in accordance with Accounting principles generally accepted in India includingthe Accounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularitiesselection 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.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based withthe Standards on Auditing issued by the Institute of Chartered Accountants of India. ThoseStandards require that we comply with ethical requirements and plan and perform the auditto obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error.In making those risk assessmentsthe auditor considers internal control relevant to the Company’s preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstancesbut not for the purpose of expressing an opinion on theeffectiveness of the entity’s internal control. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by management as well as evaluating the overall presentation of thefinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial information required by the Act in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India:.

(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2016;

(b) in the case of the Statement of Profit and Loss of the profit for the year endedon that date; and

(c) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 ("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 information and explanations givento us we give in the Annexure a statement on the matters specified in paragraphs 3 and 4of the Order.

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

(a) we have obtained all the information and explanations which to the best of ourknowledge 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 financial statements comply with the Accounting Standardsspecified under section 133 of the Act as applicable.

(e) on the basis of written representations received from the Directors as on March 312016 under section 164(2) of the Companies Act2013 and taken on record by the Board ofDirectors none of the directors is disqualified as on March 31 2016 from beingappointed as a director in terms of provisions of section 164(2) of the CompaniesAct2013.

(f) With respect to the adequacy of internal financial controls over financialreporting and operating effectiveness of such controls refer to our audit report"Annexure A" which is based on auditor’s report of the company. Our reportexpresses an unmodified opinion on the adequacy and operating effective effectiveness ofinternal financial controls over financial reporting of the company

(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) 2014 In our opinion and tothe best of our information and according to the explanations given to us;

(i) The Company has disclosed the impact of pending litigations on its financialposition in its financial statements as referred to Note no 28 to the financial statement.

(ii) the company has not entered into any long-term contracts including derivativecontracts requiring provision under applicable laws or accounting standards for materialforeseeable losses and

(iii) There has been no delay in transferring the amounts required to be transferredto the Investor Education and Protection Fund by the company.

Place: New Delhi For Pradip Bhardwaj& Co.
Date: 31/05/2016 Chartered Accountants
FRN- 013697C
Pradip Bhardwaj
(Partner)
M.No: 500219

ANNEXURE REFERRED TO IN PARAGRAPH ‘1’UNDER THE HEADING "REPORT ON OTHERLEGAL AND REGULATORY REQUIREMENTS" OF OUR AUDIT REPORT OF EVEN DATETO THE MEMBERS OFPHOENIX INTERNATIONAL LIMITED

1. (a) According to the information and explanations given to us the company ismaintaining proper records of fixed assets including the quantitative details and itssituations.

(b) Physical verification of fixed assets has been made by the management during theyear and no material discrepancies were noticed on such verification.

(c) According to the information and explanations given to us and on the basis ofrecords maintained by the company the title deeds of immovable properties are held in thename of the company.

2. The management has conducted physical verification of inventory at reasonableinterval during the period and no material discrepancies were noticed on physicalverification.

3. The company has not granted any loans secured or unsecured to CompaniesFirmLimited Liability Partnership or parties covered in register maintained u/s 189 ofCompanies Act 2013.

4. According to the information and explanations given to us the company has compliedthe provision of section 185& 186 of Companies Act 2013 with respect to loans &investment made.

5. According to the information and explanations given to us the company has notaccepted any deposits in terms of directives issued by Reserve Bank of India and theprovisions of section 73 to 76 or any other provisions of the Companies Act and the rulesframed there under hence clause v of paragraph 3of the Companies (Auditor’s Report)Order 2016 is not applicable.

6. According to the information and explanations given to us maintenance of costrecords haven ot been specified by the Central Government under sub- section (1) ofSection 148 of Companies Act2013 hence clause vi of paragraph 3of the Companies(Auditor’s Report) Order2016 is not applicable.

7. (a)According to the information and explanations given to us the company isgenerally regular in depositing with appropriate authorities undisputed statutory dues asapplicable to the company.According to the information and explanations given to us noundisputed amounts payable in respect of Provident fund employees state insurance incometax sales tax wealth tax service tax customs duty excise duty Value added tax cessand any other statutory dues were outstanding as at 31.03.2016 for a period of more thansix months from the date they become payable.

(b) As per information and explanation provided to usthe following are the contingentliabilities against which the appeal is pending to the various authorities

Particulars Authorities Amounts
1. Sales Tax Commissioner Appeal 291515
2. Wealth Tax Commissioner Appeal 845144
3. Service Tax CESTAT 9224464
4. Employee Provident Fund EPF Appellate Tribunal New Delhi 1863744
5. Central Excise (2016) Commissioner appeal Central Excise 3610420

8. According to the information and explanations give to us the company has takenTermLoan from Oriental Bank of Commerce but there is no default in repayment of principaland interest during the year.

9. According to the information and explanations given to us the company has obtaineda Term Loan of Rs.95 Crores from Oriental Bank of Commerce during the year under auditand which is applied for the purpose for which those are raised.

10. During the course of our examination of the books and records of the company inaccordance with generally accepted accounting practices no fraud on or by the company hasbeen noticed or reported during the year covered by our audit.

11. According to information and explanation given to us and on the basis of recordsmaintained by the company the company has paid/provided for managerial remuneration inaccordance with the requisites approval of mandated by the provision of section 197readwith schedule V to the Companies Act 2013.

12. In our opinion and according information and explanation given to us the companyis not a NidhiCompany. Accordingly paragraph 3 (xii) of the Order is not applicable tothe company.

13. According to information or explanation given to us together transaction withrelated party are compliance with sections 177 & 188 of the Companies Act2013 anddetails of which have been disclosed in the financial statements.

14. According to information and explanation given to us and based on our examinationsof the records maintained by the company the company has not made any preferentialallotment/ private placement of share or fully or partly convertible debentures during theyear. Hence clause 3 (xiv) is not applicable on the company.

15. According to information and explanation given to us the company has not enteredinto non cash transaction with directors or persons connected with him. Accordinglyparagraph 3 (xv) not applicable on the company.

16. According to information and explanation given to us the company is not requiredto be registered under section 45-IA of Reserve Bank of India Act 1934 Hence clause 3(xvi) is not applicable on the company.

Place: New Delhi For Pradip Bhardwaj& Co.
Date: 31/05/2016 Chartered Accountants
FRN- 013697C
Pradip Bhardwaj
(Partner)
M.No: 500219

ANNEXURE -A TO THE INDEPENDENT AUDITORS’ REPORT

(Referred to in paragraph (f) under report on other legal and Regulatory Requirementsection of our report of even date Report on the Internal Financial Controls overFinancial Reporting under Clause (i) of Sub –section 3 of section 143 of theCompanies Act 2013

We have audited the internal financial controls over financialreporting of PhoenixInternational Limited in conjunction financial statement of the Company for the year endedand as on that date.

Managements Responsibility for Internal Financial Controls

The respective Board of Directors of the Company are responsible for establishing andmaintaining internal financial controls based on the respective internal control overfinancial 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 (the guidance Note). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conducts of its business including adherence to therespective company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accountingrecordsandthetimelypreparationofreliablefinancialinformation as required under the Act.

Auditors Responsibility

Our responsibility is to express an opinion on the company’s internalfinancialcontrols over financial reporting based on our audit. We conducted our audit inaccordance with the Standards on Auditing prescribed under section 143(10) of the Act andthe Guidance Note to the extent applicable to an audit of internal financial controlsover financialreporting. Those Standards and the Guidance Note require that we comply withthe ethical requirements and plan and perform the audit to obtain reasonable assuranceabout 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 evaluating the design andoperating effectiveness of internal control based on the assessed risk. The Proceduresselected depend on the auditors’ judgment including the assessment of the risks ofmaterial misstatement of the financial statement whether due to fraud or error.

We believe that the audit evidence we have obtained in terms of their reports referredto in the other matter paragraph below is sufficient and appropriate to provide a basisfor our audit opinion on the company’s internal financial controls system overfinancial 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 themaintenance of records that in reasonable detail accurately and fairly reflecttransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparations of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorization ofmanagement and director of company; and (3)provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of change in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us the company have in all material respects controls system over an adequateinternal financial reporting and such internal financial controls over financialsreporting were operating effectively as at March 31 2016 based on the internal controlover financial reporting criteria established by the company considering the essentialcomponents of internal control stated in the Guidance Note.

Place: New Delhi For Pradip Bhardwaj& Co.
Date: 31/05/2016 Chartered Accountants
FRN- 013697C
Pradip Bhardwaj
(Partner)
M.No: 500219