To the Members of Phoenix International Limited Report on the Financial Statements
InternationalWehaveaudited Limited("the accompanyingfinancialCompany") which comprise the Balance
Sheet as at March 31 2017 the Statement of Profit and Loss and Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory 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 the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This 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.
Our responsibility is to express an opinion on these financial statements based on ouraudit. We conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.In making those risk assessments the auditorconsiders internal control relevant to the
Company's preparation and fair presentation of the financial statements in order todesign audit procedures that are appropriate in the circumstancesbut not for the purposeof expressing an opinion on the effectiveness of the entity's internal control. An auditalso includes evaluating the appropriateness of accounting policies used and thereasonableness of the accounting estimates made by management as well as evaluating theoverall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:.
(a) in the case of the Balance Sheet of the state of affairs of the Company as atMarch 31 2017; (b) in the case of the Statement of Profit and Loss ofthe profit for theyear ended on that date; and (c) in the case of the Cash Flow Statement of the cash flowsfor the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the company as weconsidered appropriate and according to information and explanations given to us we givein 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 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 opinionproper books of account as required by law have been kept by the Company so far as appearsfrom our examination of those books; (c) the Balance Sheet Statement of Profit and Lossand Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount; (d) in our opinion the financialstatements 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 312017 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 2017 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 financialreportingand operating effectiveness of such controls refer to our audit report "AnnexureA" which is based on auditor's report of the company. Our report expresses anunmodified opinion on the adequacy and operating effective effectiveness of internalfinancial 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 Companyhas disclosed the impact of pending litigations on its financial position in its financialstatements 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: 29/05/2017 ||Chartered Accountants |
| ||FRN- 013697C |
| ||Pradip Bhardwaj |
| ||(Partner) |
| ||M.No: 500219 |