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Pyxis Finvest Ltd.

BSE: 534109 Sector: Financials
NSE: N.A. ISIN Code: INE883L01018
BSE LIVE 13:00 | 02 May Stock Is Not Traded.
NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 29.00
PREVIOUS CLOSE 26.00
VOLUME 4000
52-Week high 29.00
52-Week low 17.15
P/E 15.10
Mkt Cap.(Rs cr) 33
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 29.00
CLOSE 26.00
VOLUME 4000
52-Week high 29.00
52-Week low 17.15
P/E 15.10
Mkt Cap.(Rs cr) 33
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pyxis Finvest Ltd. (PYXISFINVEST) - Auditors Report

Company auditors report

To

The Members of

Pyxis Finvest Limited

Report on the Standalone Financial Statements

1. We have audited the accompanying standalone financial statements of Pyxis FinvestLimited ("the company") formerly known as BCB Finance Limited whichcomprise the Balance Sheet as at 31 March 2016 the Statement of Profit and Loss the CashFlow Statement for the year then ended and a summary of significant accounting policiesand other explanatory information.

Management's Responsibility for the Financial Statements

2. 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 preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes the maintenance of adequate accountingrecords in accordance with the provision of the Act for safeguarding of the assets of theCompany and for preventing and detecting the frauds and other irregularities; selectionand application of appropriate accounting policies; making judgments and estimates thatare reasonable and prudent; and design implementation and maintenance of adequateinternal financial control that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

4. 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.

5. 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.

6. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial 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 true and fair view in order to design audit proceduresthat are appropriate in the circumstances but not for the purpose of expressing anopinion on whether the Company has in place an adequate internal financial controls systemover financial reporting and operating effectiveness of such controls. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by Company's Directors as well as evaluating the overallpresentation of the financial statements.

7. 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

8. 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 of the state of affairs of the Companyas at 31st March 2016 its profit and its cash flow for the year ended on thatdate.

Report on other Legal and Regulatory Requirements

9. 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'' a statement on the matters Specified inparagraphs 3 and 4 of the Order to the extent applicable.

10. 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 Cash Flow Statement dealtwith 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 written representations received from the directors as on 31 March2016 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2016 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of internal financial control over financial reportingof the Company and the operating effectiveness of such controls refer to our separatereport in "Annexure B"and

g) with respect to other matters to be included in the Auditor's Report in accordancewith Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our information and according to the explanations given to us we report as under:

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 derivatives contractsfor which there were any material foreseeable losses.

iii. There were no amounts which required to be transferred by the Company to theInvestor Education and Protection Fund.

P. D. Saraf & Co

Chartered Accountants

FRN 109241W Sd/-

N.L. Maheswari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2016

ANNEXURE "A" TO INDEPENDENT AUDITORS' REPORT

(Annexure referred under the heading of 'Report on Other Legal and RegulatoryRequirements' of

Independent Auditors report of even date.)

1) The company does not have any fixed assets hence the clause is not applicable

2) The company is a NBFC primarily engaged in the financing activity. Accordingly itdoes not hold any physical inventories. Hence clause (ii) of the report is not applicableto the company.

3) The company has granted loan secured or unsecured to companies firms or otherparties covered in the register maintained under section 189 of the Companies Act2013 and

i. In our opinion and according to the information and explanation given to us theterms and conditions of the grant of such loan are not prejudicial to the companiesinterest;

ii. The receipt of the principal amount and interest are also regular; and

iii. There is no overdue amount in respect of principal amount and interest.

4) The company has not given any loans investments guarantees and security coveredunder section 185 and 186 of the Companies Act 2013

5) The Company has not accepted any deposits from the public within the meaning 73 to76 or any other relevant provisions of the Companies Act 2013 and the rules framed thereunder. Hence the clause (V) of the Order is not applicable to the Company.

6) To the best of our knowledge and according to information and explanations given tous the Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Companies Act 2013 for any services rendered by the company.

7) (a) The company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including provident fund investor education protection fundemployees' state insurance income tax sales tax service tax custom duty excise dutyCess and other material statutory dues applicable to it.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of income tax Service Tax sales tax custom duty excise duty andCess were in arrears as on 31-Mar-2016 for a period of more than six months from the datethey became payable. However the Income tax website has an outstanding claim of Rs. 0.15Lacs for A Y 2007-2008 against the company.

8) The company has not taken any loan from financial institutions or bank or nor hasissued any debenture holders hence clause (viii) of the report is not applicable.

9) The company has not raised moneys by way of initial public offer or further publicoffer and not availed any term loan during the year. Hence clause (ix) of the report isnot applicable.

10) Based on the audit procedure performed and the information and explanations givenby the management we report that no fraud by the company or on the company by itsofficers or employees has been noticed or reported during the year.

11) No Managerial remuneration has been paid or provided. Hence clause (xi) of thereport is not applicable.

12) In our opinion the company is not a Niddhi Company. Therefore the provisions ofclause 4(xii) of the order are not applicable to the company.

13) Based upon the audit procedures performed and according to the information andexplanations given to us all transactions with related parties are in compliance withsections 177 and 188 of Companies Act 2013 where applicable and the details have beendisclosed in the Financial statements etc. as required by the applicable accountingstandards.

14) The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the year under review. Accordingly theprovisions of clause 3 (xiv) of the order are not applicable.

15) The company has not entered into any non-cash transactions with directors orpersons connected with him. Accordingly the provisions of clause 3 (xv) of the Order arenot applicable.

16) As the company is engaged in the business of Non-Banking Financial Institution thecompany is required to be registered under section 45-IA of Reserve bank of India Act1934and the registration has been obtained by the company

P. D. Saraf & Co.

Chartered Accountants

FRN 109241W

Sd/-

N.L. Maheswari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2016

ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORT

(Annexure referred under the heading of 'Report on Other Legal and RegulatoryRequirements' of

Independent Auditors report of even date.)

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 ('theCompany') as of 31- Mar-2016 in conjunction with our audit of the financial statements ofthe 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. These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's 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 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 auditinvolves performing procedures to obtain audit evidence about the adequacy of the internalfinancial controls system over financial reporting and their operating effectiveness. Ouraudit 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 auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error. We believe thatthe audit evidence we have obtained is sufficient and appropriate to provide a basis forour audit opinion on the Company's internal financial controls system over financialreporting.

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 (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the 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 changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

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 generally operating effectively as at 31-Mar-2016. Howeverthere is a need of further strengthening the system.

P. D. Saraf & Co.

Chartered Accountants

FRN 109241W

N. L. Maheswari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2016

Non-Banking Financial Companies Auditors' Report For The Year Ended 31 March 2016

To

THE BOARD OF DIRECTORS

Pyxis Finvest Limited

Mumbai

As required by the Non-Banking Financial Companies Auditors' Report (Reserve Bank)Directions 2008 issued by Reserve Bank of India (RBI) on the matters specified in Para 3and 4 of the said Directions to the extent applicable to the Pyxis Finvest Limited ('theCompany") and according to the information and explanations given to us for thepurpose of audit we report that:

a. The Company is engaged in the business of Non banking financial Institutions and ithas obtained certificate of registration (CoR) by Reserve Bank of India bearingregistration no N-13.01840. Consequent upon change of name of the company from ''BCBFinance Limited'' to ''Pyxis Finvest Limited'' Reserve Bank of India issued a freshcertificate of registration (CoR) bearing registration no N-13.01840 dated 18thMarch 2016. All the terms and conditions for issue of CoR stipulated earlier remainedunchanged.

Further the company is entitled to continue to hold such Registration in terms of itsasset/income pattern as on 31st March 2016.

b. The Board of Directors of the Company has in its meeting held on 28thMay 2015 passed a resolution for non-acceptance of any public deposits;

c. The company has not accepted any public deposits during the year under reference;and

d. The company has complied with prudential norms relating to the income recognitionaccounting standards asset classification and provision of bad and doubtful debts asapplicable to it.

P. D. Saraf & Co.

Chartered Accountants

FRN 109241W

N. L. Maheswari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2016.