Pulsar International Ltd.
|BSE: 512591||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Pulsar International Ltd|
|NSE 05:30 | 01 Jan||Pulsar International Ltd|
|BSE: 512591||Sector: Financials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Pulsar International Ltd|
|NSE 05:30 | 01 Jan||Pulsar International Ltd|
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 31st March 2017 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 lor 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 arc tree from material misstatement whether due to fraud orerror.
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 insurance about whetherthe financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of Ihefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India:
a) In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2017;
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 Clber 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 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 Act 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.
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in 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 2017 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 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 B"
(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) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:
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 forwhich there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the investorEducation and Protection Fund by the Company.
iv. The Company* did not have any holdings or dealings in Specified Bank Notes duringthe period from 8th November 2016 to 30th
ANNEXURE A' TO THE INDEPENDENT AUDITORS' REPORT
Re: Pulsar International Limited
Referred to in Paragraph 1 under the heading "Report on other legal and regulatoryrequirements" of our report of even date.
(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 materia! discrepancies were noticed on such 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) Physical verification of inventory has been conducted as reasonable intervals bythe management and so discrepancies were noticed on such verification.
(iii) According the information and explanation given to us the company has notgranted any loans secured or unsecured to companies firms limited liabilitypartnerships or other parties covered in the register maintained under section 189 of theCompanies Act 2013. Accordingly the provisions of paragraph 3(iii) of the Order are notapplicable to the Company.
(iv) The Company has not advanced any other loan or given any guarantee or provided anysecurity or made any investment covered under section 185 and 186 of the Act.Consequently requirements of clause (iv) of paragraph 3 of the order are not applicable.
(v) The Company has not accepted any deposits from the public to which the provisionsof Sections 73 to 76 or any other relevant provisions of the Companies Act 2013 and rulesframed therunder and directions issued by R.B.I. would apply.
(vi) The Company is not engaged in production processing manufacturing or miningactivities. Therefore the provisions of maintenance of cost records specified by theCentral Government under section (1) of section 148 of the Companies Act 2013 mentioned inclause (vi) of paragraph 3 of the Order are not applicable.
(vii) (a) The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund Employees' state insurance IncomeTax Service Tax Cess and other statutory dues applicable to it. According to theinformation and explanations given to us no undisputed amounts payable in respect ofstatutory dues were in arrears as at March 31 2017 for a period of more than six monthsfrom the date they became payable.
(b) There are no income tax dispute and demand pending of the Company.
(viii) The Company has not taken any loan from banks financial institutionsGovernment or debenture holder
(ix) The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) or term loans. Consequently provisions of clause (ix)of paragraph 3 of the order are not applicable.
(x) To the best of our knowledge and belief and according to the information andexplanations given to us no fraud by the Company or on the Company by its officers oremployees has been noticed or reported during the year.
(xi) To the best of our knowledge and belief and according to the information andexplanations given to us managerial remuneration has been paid/ provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with ScheduleV to the Act.
(xii) The Company is not a Nidhi Company. Consequently requirements of clause(xii) ofparagraph 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 all transactions with the related parties are in compliance withsection 177 and 188 of the Act where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards.
(xiv) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Consequently requirements of clause (xiv) of paragraph 3 of the Order are notapplicable.
(xv) To the best of our knowledge and belief and according to the information andexplanations given to us the Company has not entered into any noncash transactions withthe directors or persons connected with him.
(xvi) To the best of our knowledge and belief and according to the information andexplanations given to us the Company is not required to be registered under Section45IAofthe Reserve Bank of India Act 1934.
ANNEXURE -B TO THE INDEPENDENT AUDITORS'S REPORT OF EVEN DATE ON THE FINANCIALSTATEMENTS OF PULSAR INTERNATIONAL LIMITED.
Report on the Internal Financial Control 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 The PulsarInternational Limited ("the Company") as of March 31 2017 in conjunction withour audit of the financial statements of the Company for the year ended on that date.
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 safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and timely preparation of reliable financialinformation ns required under the Act.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based un our audit. Wc 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 applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.
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 designanti operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material 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 controls systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A Company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A Company's internal financial control over financialreporting includes those policies and procedures that (I) pertain to (he maintenance ofrecords that in reasonable detain accurately and fairly reflect the transactionsand dispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded ns netcs-cry tu pc ."it preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the Company are being made only in accordance withauthorizations of management and directors of the Company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorized acquisition use ordisposition of the Company's assets that could have a material effect on the financialstatements.
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 he 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.
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 March 31.2017 based on "theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control staled in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of india".