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Pyxis Finvest Ltd.

BSE: 534109 Sector: Financials
NSE: N.A. ISIN Code: INE883L01018
BSE 00:00 | 27 Feb 32.00 0.25
(0.79%)
OPEN

32.00

HIGH

32.00

LOW

32.00

NSE 05:30 | 01 Jan Pyxis Finvest Ltd
OPEN 32.00
PREVIOUS CLOSE 31.75
VOLUME 4000
52-Week high 32.00
52-Week low 31.75
P/E 17.49
Mkt Cap.(Rs cr) 37
Buy Price 0.00
Buy Qty 0.00
Sell Price 37.00
Sell Qty 4000.00
OPEN 32.00
CLOSE 31.75
VOLUME 4000
52-Week high 32.00
52-Week low 31.75
P/E 17.49
Mkt Cap.(Rs cr) 37
Buy Price 0.00
Buy Qty 0.00
Sell Price 37.00
Sell Qty 4000.00

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 PyxisFinvest Limited ("the company") formerly known as BCB Finance Limited whichcomprise the Balance Sheet as at March 31 2018 the Statement of Profit and Loss theCash Flow Statement for the year then ended and a summary of significant accountingpolicies and other explanatory information.

Management's Responsibility for the Financial Statements

2. The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation and presentation of these financial statements that give a true and fairview of the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision of the Act for safeguardingof the assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial control that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statements that give a true and fair viewand are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

3. Our responsibility is to express an opinion on these standalonefinancial statements based on our audit.

4. We have taken into account the provisions of the Act the accountingand auditing standards and matters which are required to be included in the audit reportunder the provisions of the Act and the Rules made thereunder.

5. We conducted our audit in accordance with the Standards on Auditingspecified under section 143(10) of the Act. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

6. An audit involves performing procedures to obtain audit evidenceabout the amounts and disclosures in the financial statements. 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. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the financial statements that give true and fair view in orderto design audit procedures that are appropriate in the circumstances but not for thepurpose of expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by Company's Directors aswell as evaluating the overall presentation of the financial statements.

7. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the financial statements.

Opinion

8. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid standalone financial statements read alongwith notes there on give the information required by the Act in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2018 its profitand its cash flow for the year ended on that date.

Emphasis of Matter

9. a) We draw attention to point no "O" of Additionaldisclosures as required by the Reserve Bank of India covered under Note No 17 to thefinancial statements which describes the exceeding of the single party exposure limit inthree instances.

b) Short Provision of Income tax Liabilities in respect of earlier yearabove 21.Lacs in not account for. in the Opinion of the management same with accounted asand when Finally Assessed by Consent duty only.

Our Opinion is not modified in respect of this matter.

Report on other Legal and Regulatory Requirements

10. As required by the Companies (Auditor's Report) Order2016("the Order") issued by the Central Government of India in terms ofsub-section (11) of section 143 of the Act we give in the Annexure ‘'A'' astatement on the matters Specified in paragraphs 3 and 4 of the Order to the extentapplicable.

11. Further to our comments in "Annexure A" as required bysection 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

b) In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and Cash FlowStatement dealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended).

e) On the basis of written representations received from the directorsas on March 31 2018 taken on record by the Board of Directors none of the directors isdisqualified as on March 31 2018 from being appointed as a director in terms of Section164(2) of the Act f) With respect to the adequacy of internal financial control overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate report in "Annexure B" and

g) With respect to other matters to be included in the Auditor's Reportin accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations given to uswe report as under:

i. The Company does not have any pending litigations which would impactits financial position. ii. The Company did not have any long-term contracts includingderivatives contracts for which there were any material foreseeable losses. iii. Therewere no amounts which required to be transferred by the Company to the Investor Educationand Protection Fund and.

P.D. Saraf & Co

Chartered Accountants

FRN 109241W

N.L. Maheshwari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2018

ANNEXURE "A'' TO INDEPENDENT AUDITORS' REPORT

(Annexure referred under the heading of ‘Report on Other Legal andRegulatory Requirements' of Independent Auditors report of even date.)

On the basis of such checks as we considered appropriate and in termsof the information and explanations given to us we report that: -

(i) The company does not have any fixed assets hence the clause is notapplicable.

(ii) The company is a NBFC primarily engaged in the financingactivity. Accordingly it does not hold any physical inventories. Hence clause 3(ii) ofthe report is not applicable to the company.

(iii) The company has granted loan unsecured to companies firms orother parties covered in the register maintained under section 189 of the CompaniesAct2013 and (a) In our opinion and according to the information and explanation given tous the terms and conditions of the grant of such loan are not prejudicial to thecompany's interest; (b) The schedule of repayment of principal has been stipulated whereinthe principal amounts are repayable on demand and since the repayment of such loans hasnot been demanded in our opinion repayment of the principal is regular; and the scheduleof payment of interest has been stipulated and the receipts of the interest are regular;and (c) There is no overdue amount in respect of principal amount and interest.

(iv) The company has not given any loans investments guarantees andsecurity covered under section 185 and 186 of the Companies Act 2013.

(v) The Company has not accepted any deposits from the public withinthe meaning 73 to 76 of the Companies Act 2013 and the Companies (Acceptance of Deposits)Rules 2014 (as amended). Hence the clause (v) of the Order is not applicable to theCompany.

(vi) To the best of our knowledge and according to information andexplanations given to us the Central Government has not prescribed the maintenance ofcost records under Section 148(1) of the Companies Act 2013 for any services rendered bythe company.

(vii) (a)The company is generally regular in depositing withappropriate authorities undisputed statutory dues including provident fund investoreducation protection fund employees' state insurance income tax sales tax service taxcustom duty excise duty cess and other material statutory dues extent to applicable toit.

(b)According to the information and explanations given to us noundisputed amounts payable in respect of income tax Service Tax sales tax custom dutyexcise duty and cess were in arrears as on 31-Mar-2018 for a period of more than sixmonths from the date they became payable.

(viii) The company has not defaulted in the repayment of the loan orborrowing to financial institutions banks or debenture holders during the year. Duringthe year the company did not have any loans or borrowing from the Government.

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

(x) Based on the audit procedure performed and the information andexplanations given by the management we report that no fraud by the company or on thecompany by its officers or employees has been noticed or reported during the year.

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

(xii) In our opinion the company is not a Nidhi Company. Thereforethe provisions of clause 3(xii) of the order are not applicable to the company.

(xiii) Based upon the audit procedures performed and according to theinformation and explanations given to us all transactions with related parties are incompliance with sections 177 and 188 of Companies Act 2013 where applicable and thedetails have been disclosed in the Financial statements etc. as required by the applicableaccounting standards.

(xiv) The company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the order are not applicable.

(xv) The company has not entered into any non-cash transactions withdirectors or persons connected with them covered under Section 192 of the Act.Accordingly the provisions of clause 3(xv) of the Order are not applicable.

(xvi) As the company is engaged in the business of Non-BankingFinancial Institution the company is registered under section 45-IA of Reserve bank ofIndia Act 1934.

P.D. Saraf& Co

Chartered Accountants

FRN 109241W

N.L. Maheshwari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2018

ANNEXURE "B" TO INDEPENDENT AUDITORS' REPORT

(Annexure referred under the heading of ‘Report on Other Legal andRegulatory Requirements' of Independent Auditors report of even date.)

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

1. We have audited the internal financial controls over financialreporting of ('the Company') as of 31-Mar-2018 in conjunction with our audit of thefinancial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

2.The Company's Board of Directors is responsible for establishing andmaintaining internal financial controls. These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013.

Auditors' Responsibility

3. Our responsibility is to express an opinion on the Company'sinternal financial controls over financial reporting based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the "Guidance Note") and the Standards on Auditing issuedby ICAI and deemed to be prescribed under section 143(10) of the Companies Act 2013 tothe extent applicable to an audit of internal financial controls both applicable to anaudit of Internal Financial Controls and both issued by the Institute of CharteredAccountants of India. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting were established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidenceabout the adequacy of the internal financial controls system over financial reporting andtheir operating effectiveness. Our audit of internal financial controls over financialreporting included obtaining an understanding of internal financial controls overfinancial reporting assessing the risk that a material weakness exists and testing andevaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error.

5. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

6. A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention ortimely detectionof unauthorized acquisition useor disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over FinancialReporting

7. Because of the inherent limitations of internal financial controlsover financial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting maybecome inadequate becauseof changes in conditions orthat the degree of compliance with the policies or procedures may deteriorate.

According to Information and Explanation given to us and Based on ourAudit We have Observed the Material Weakness has been Identified as at 31ST March 2018 inrespect of granting Unsecured loan to some parties Exceeding the Permitial Limit asPrescribed under RBI Regulations during the year and same are yet to the regularized.

Opinion

8. n our opinion Subject to read with remark of above Parathe Companyhas in all material respects an I adequateinternal financial controls system overfinancial reportingand such internal financial controls over financial reporting weregenerally operating effectively as at March 31 2018. However there is a need of furtherstrengthening the system.

P.D. Saraf & Co

Chartered Accountants

FRN 109241W

N.L. Maheshwari

(Partner)

M.No. 11347

Place: Mumbai

Date: 30th May 2018