Pushpsons Industries Ltd.
|BSE: 531562||Sector: Industrials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
|BSE: 531562||Sector: Industrials|
|NSE: N.A.||ISIN Code: N.A.|
|BSE 05:30 | 01 Jan||Stock Is Not Traded.|
|NSE 05:30 | 01 Jan||Stock Is Not Traded.|
To The members of
Pushpsons Industries Limited.
Report on the Financial Statements
We have audited the accompanying Ind AS financial statements of Pushpsons IndustriesLimited ("the company") which comprise the Balance Sheet as at 31 March 2017and the Statement of profit and loss (including the statement of other comprehensiveincome) the Cash Flow Statement and the Statement of Changes in Equity for the year thenended and a summary of significant accounting policies and other explanatory information(hereinafter referred to as Ind AS financial statements).
Managements Responsibility for the Financial Statements
The Companys Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013 ("the Act") with respect to the preparationand presentation of these Ind AS financial statements that give a true and fair view ofthe financial position financial performance including other comprehensive income cashflows and changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) specifiedunder Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes the maintenance of adequate accounting records in accordancewith the provision of the Act for safeguarding of the assets of the Company and forpreventing and detecting the frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrol that were operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.
Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.
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 of the Ind AS financial statements in accordance with theStandards on Auditing specified under section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the Ind AS financial statements are free from materialmisstatement. An audit involves performing procedures to obtain audit evidence about theamounts and disclosures in the Ind AS financial statements. The procedures selected dependon the auditors judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompanys preparation of the Ind AS financial statements that give true and fairview in order to design audit procedures that are appropriate in the circumstances butnot for the purpose of expressing an opinion on whether the Company has in place anadequate internal financial controls system over financial reporting and operatingeffectiveness of such controls. An audit also includes evaluating the appropriateness ofaccounting policies used and the reasonableness of the accounting estimates made byCompanys Directors as well as evaluating the overall presentation of the Ind ASfinancial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st March 2017 and its profit including other comprehensive income cash flows andthe changes in equity for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the Annexure "A" a statement on the mattersSpecified in paragraphs 3 and 4 of the Order.
2. As required by section 143(3) of the Act we report that: a) We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c) The Balance Sheet the statement of profit and lossincluding the statement of other comprehensive income Cash Flow Statement and statementof changes in equity dealt with by this Report are in agreement with the books of account.d) In our opinion the aforesaid Ind AS financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 Companies (Indian Accounting Standards ) Rules2015 as amended.e) On the basis of written representations received from the directors as on 31 March2017 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2017 from being appointed as a director in terms of Section 164(2) of theAct. f) With respect to the adequacy of the of the internal financial controls overfinancial reporting of the Company and the operating effeteness of such controls refer toour separate Report in "Annexure B" to this report; and g) with respect to theother matters to be included in the Auditors Report in accordance with Rule 11 ofthe Companies (Audit and Auditors) Rules 2014 in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company does not haveany pending litigations which would impact its financial position. ii. The Company did nothave any long-term contracts including derivatives contracts for which there were anymaterial foreseeable losses. iii. There were no amounts which required to be transferredby the Company to the Investor Education and Protection Fund. iv. The Company has providedrequisite disclosures in Note 29 to these Ind AS financial statements as to holdings aswell as dealings in Specified Bank Notes during the period from 8th November 2016 and30th December2016 these are in accordance with the books of accounts maintained by theCompany.
Annexure-A to the Auditors Report
The Annexure referred to in Independent Auditors Report under Report onOther Legal and Regulatory Requirements of our Report of even date to the members ofPushpsons Industries Limited on the Ind AS financial statements of the company for theyear ended 31st March 2017. i. (a) The Company has maintained proper records showing fullparticulars including quantitative details and situation of the fixed assets.
(b) As explained to us fixed assets have been physically verified by the managementduring the year in our opinion the frequency is reasonable having regard to the size ofthe Company and nature of its assets.
According to the information and explanations given to us no material discrepancieswere 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 immoveable properties areheld in the name of the Company.
ii. As explained to us the inventories have been physically verified by the managementat reasonable intervals during the year. According to the information and explanationsgiven to us no material discrepancy was noticed on such verification iii. The Company hasnot granted any loans to parties covered in register maintained under section 189 of theCompanies Act 2013. iv. In our opinion and according to the information and explanationsgiven to us the Company has not given any loans made any investments and have not givenany guarantee. Accordingly paragraph 3(iv) of the Order is not applicable. v. The Companyhas not accepted any deposits from the public. vi. The Central Government has prescribedthe maintenance of cost records under section 148 of the Companies Act 2013 and we are ofthe opinion that prima facie the prescribed accounts have been maintained. vii. (a)According to the information and explanations given to us and on the basis of ourexamination of the records of the Company undisputed statutory dues including providentfund employee state insurance income tax sales-tax service tax duty of customs dutyof excise value added tax cess and other statutory dues have been regularly depositedduring the year by the Company with appropriate authorities.
According to the information and explanations given to us no undisputed statutory dueswere outstanding at the yearend for a period of more than six months from the date theybecame payable.
(b) As informed by company there are no disputed statutory liability towards Incometax/Sales Tax/Service tax/Custom duty/Provident Fund/Employee State Insurance/Sales-Tax/Wealth Tax/Excise duty Cess and any other material statutory dues as on 31st March2017. viii. The Company has not borrowed any funds from financial institutions bankGovernment or debenture holders.
Accordingly paragraph 3(viii) of the Order is not applicable. ix. The Company did notraise any money by way of initial public offer or further public offer (including debtinstruments) and term loans during the year. Accordingly paragraph 3(ix) of the Order isnot applicable. x. According to the information and explanations given to us no fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the course of our audit. xi. According to the information and explanations given tous and based on our examination of the records of the Company the Company haspaid/provided any managerial remuneration in accordance with the requisite approvalsmandated by the provisions of section 197 read with schedule v to the Act. xii. In ouropinion and according to the information and explanations given to us the Company is nota Nidhi company. Accordingly paragraph 3(xii) of the Order is not applicable. xiii.According to the information and explanations given to us and based on our examination ofthe records of the Company transactions with the related parties are in compliance withsections 177 and 188 of the Companies Act 2013 where applicable and the details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards. xiv. According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or placement of shares or fully or partly convertible debenturesduring the year under audit. xv. According to the information and explanations given to usand based on our examination of the records of the Company The Company has not enteredinto any non-cash transactions with directors or persons connected with him. Accordinglyparagraph 3(xv) of the Order is not applicable. xvi. The Company is not required to beregistered under section 45-IA of the Reserve Bank of India Act 1934.
Annexure-B to the Auditors Report
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 PushpsonsIndustries Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the Ind AS financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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". These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to companys policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Companys 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 as specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditors judgement including the assessment of the risks of materialmisstatement 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 my /our audit opinion on the Companys internal financialcontrols system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting
A companys 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 companys internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompanys 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 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 stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India".