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Pulsar International Ltd.

BSE: 512591 Sector: Financials
NSE: N.A. ISIN Code: N.A.
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Pulsar International Ltd. (PULSARINTL) - Auditors Report

Company auditors report

TO THE MEMBERS OF PULSAR INTERNATIONAL LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of PULSAR INTERNATIONAL LIMITED("the Company") which comprise the Balance Sheet as at 31 st March 2015 theStatement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the 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 Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143( 10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amountsandthe disclosures 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 financial control relevant to the Company's preparation ofthe financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall 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 on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 at 31 stMarch 2015;

b) In the case of the Statement of Profit & Loss of the loss for the year ended onthat date and

c) In the case of the Cash Flow Statement of the cash flows for the year 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 ofthe Act we give in the Annexure a statement on the matters specified in paragraphs 3 and4 of the Order to the extent applicable.

2. As required by Section 143 (3) of the A ct we 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 purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books and proper returnsadequate for the purposes of our audit have been received from the branches not visited byus.

(c) The Balance Sheet the Statement of Profit and Loss dealt with by this Report arein agreement with the books of account.

(d) In our opinion the aforesaid financial statements comply with the AccountingStandards 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 as on 31stMarch 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2015 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has no pending litigations on its financial position;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. As the Company has not declared any dividend in the past the question oftransferring the amount to the Investor Education and Protection Fund by the Company isnot applicable.

Mumbai: 29th May2015 ForM.S.Parikh&Co.
Chartered Accountants
Firm Registration No. 107558W
Dharmesh .A. Parikh
Partner
Membership No:-10467

ANNEXURETOTIIE INDEPENDENT AUDITORS1 REPORT

As required by the Companies (Auditors report) Order2015 issued by the CentralGovernment and on the basis of such checks as we considered appropriate and according tothe information and explanations given to us wc further report that:

(i) (a) The Company has generally maintained proper records showing full particularsincluding quantitative details and situation of its fixed assets.

(b) All the major assets have been physically verified by the management during theyear. We are informed that no material discrepancies were noticed on such verification.

(ii) Due to reasons stated above there is no question of physical verification anddiscrepancies noticed on such verification.

(iii) (a) Physical verification of inventory has been conducted at reasonable intervalsby the management.

(b) The procedure of physical verification of inventory followed by the management arereasonable and adequate in relation to the size of the company and the nature of itsbusiness.

(c) The company is maintaining proper records of inventory and there are no materialdiscrepancies noticed on physical verification.

(iv) The company has not granted any loans secured or unsecured to companies firms orother parties covered in the register maintained under section 189 of the Companies Act.

(v) In our opinion and according to the information and explanations given to us thereare adequate internal control procedures commensurate with the size of the Company and thenature of its business with regard to purchase of inventory fixed assets and with regardto the sale of goods. During the course of our audit we have not observed any continuingfailure to correct major weaknesses i n internal controls.

(vi) In our opinion and according to the information and explanations given to us theCompany has not accepted any fixed deposits from the public. Consequently requirement ofclause (v) of paragraph 3 of the order are not appl i cable.

(vii) Maintenance of cost records under section 148 (1) of the Companies Act 2013 isnot applicable to the Company.

(viii) (a) The Company is regular in depositing with appropriate authorities undisputedstatutory dues including provident fund employees state insurance Income Tax Sales TaxService Tax and other material statutory dues applicable to it. There are no undisputedamounts outstanding as at March 3120 IS for a period of more than six months from thedate they became payable.

(b) There are no disputed statutory liabilities not paid by the Company.

(c) As the Company has not declared any dividend in the past the question oftransferring the amount to the Investor Education and Protection Fund by the Company isnot applicable.

(ix) The Company has no accumulated losses and has incurred cash losses during thefinancial year covered by our audit and the immediately preceding financial year.

(x) In our opinion and according to the information and explanations given to us theCompany has not defaulted in repayment of dues to banks.

(xi) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not given any guarantee for loans taken byothers from Bank or Financial Institutions.

(xii) The Company has not taken any term loan during the year. Consequently provisionsof clause (xi) of paragraph 3 of the order are not applicable.

(xiii) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud on or by the Company has been noticed or reportedduring the year.

Mumbai: 29th May 2015 ForM.S. Parikh & Co.
Chartered Accountants
Firm Registration No. 107558W
Dharmesh .A. Parikh
Partner
Membership No:-104671