TO THE MEMBERS OF
PULSAR INTERNATIONAL LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of PULSAR INTERNATIONALLIMITED ("the Company") which comprise the Balance Sheet as at 31st March2020 the Statement of Profit and Loss the Cash Flow Statement for the year then endedand a summary of the significant accounting policies and other explanatory information.
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 Companies Act 2013 in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2020 and its loss changes in equity and its cashflows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing ("SAS")specified under section 143(10) of the Companies Act 2013 ("the Act"). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the financial statements under the provisions of the Companies Act 2013and the Rules there under and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for ouropinion.
Key Audit Matters
Key Audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the contact of our audit of the financial statement as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.
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 Act2013("the Act") with respect to the preparation ofthese standalone financial statements that give true and fair view of the financialposition financial performance changes in equity and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards specified under Section 133 of the Act. This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 Fairview and are free from material misstatement whether due to fraud orerror.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so. Those Board of Directors are also responsible for overseeing theCompany's financial reporting process.
Auditor's Responsibility for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.
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 in terms of Section 143 (11) of the Act we enclose inthe Annexure A a statement on matters specified in paragraphs 3 and 4 of the said Order.
2. As required by Section143(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 standalone financial statements comply with Ind ASspecified under Section 133 of the Act.
(e) On the basis of the written representations received from the directors as on 31stMarch 2020 and taken on record by the Board of Directors we report that none ofthe directors is disqualified as on 31st March2020 from being appointed as adirector 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:
a. As informed to us the Company does not have any pending litigations which wouldimpact its financial position;
b. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.
c. There has been no delay in transferring amounts required to be transferred to theinvestor Education and Protection Fund by the Company.
ANNEXURE 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 to the standalone Ind AS financialstatements of the Company for the year ended March 31st 2020.
|Sr. No. ||Particulars |
|(i) ||In Respect of Fixed Assets |
| ||(a) The company is maintaining proper records showing full particulars including quantitative details and situation of fixed assets; |
| ||(b) These fixed assets have been physically verified by the management at reasonable intervals in accordance with regular program of verification. According to the information and explanation given to us no material discrepancies were noticed on such verification. |
| ||(c) The title deeds of immovable properties are held in the name of the company. |
|(ii) ||In Respect of its inventory : |
| ||According to the information and explanations given to us there is no inventory in place |
|(iii) ||According to information and explanations given to us the company has not granted loans secured or unsecured to companies firms Limited liability Partnerships or other parties covered in the register maintained under section 189 of the Companies Act 2013 |
|(iv) ||According to information and explanations given to us the company has complied with the provisions of section 185 and 186 of the companies Act 2013 in respect of loans investments guarantees and security. |
|(v) ||According to information and explanations given to us the company has not accepted any deposits during the year. |
|(vi) ||According to the information and explanations given to us the Central Government has not prescribed maintenance of cost records under sub-section (1) of section 148 of the companies Act 2013 |
|(vii) ||According to the information and explanation given to us in respect of statutory dues : |
| ||(a) The Company is generally regular in depositing undisputed statutory dues including provident fund employees; state insurance income tax sales-tax wealth-tax service tax duty of customs duty of excise value added tax cess and any other statutory dues with the appropriate authorities. |
| ||(b) There were no undisputed amounts payable in respect of provident fund employees; state insurance income tax sales-tax wealth-tax service tax duty of customs duty of excise value added tax cess and any other statutory dues in arrears as at March 31st 19 for period of more than six months from the date they became payable. |
|(viii) ||The company has not taken any loan from banks financial institutions Government debenture holders. |
|(ix) ||The company has not raised moneys by way of initial public offer or further public offer (including debt instruments) and term loans during the year |
|(x) ||According to the information and explanation given to us we have not noticed or reported any fraud by the company or any fraud on the company by its officers employees during the year |
|(xi) ||The managerial remuneration has been paid or provided in accordance with the requisite approvals mandated by the provisions of section 197 read with Schedule V to the Companies Act |
|(xii) ||The Company is not Nidhi Company hence this clause is not applicable |
|(xiii) ||According to the information and explanations given to us all transactions with the related parties are in compliance with sections 177 and 188 of companies Act 2013where applicable and the details have been disclosed in the financial statements etc. as required by the applicable accounting standards |
|(xiv) ||The company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Hence reporting under paragraph 3(xiv) is not applicable |
|(xv) ||In our opinion and according to the information and explanations given to us the company has not entered into ant non-cash transaction with directors or persons connected with them. Accordingly reporting under paragraph 3(xv) is not applicable |
|(xvi) ||According to the information and explanations given to us and based on our examination of the records of the company. The company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934 |
|For M. S. Parikh & Co. |
|Chartered Accountants |
|Firm Registration No.107558W |
|DHARMESH A. PARIKH |
|Membership No:- 104671 |
|Place: Mumbai |
|Date: July 17 2020 |