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Pix Transmission Ltd.

BSE: 500333 Sector: Others
NSE: N.A. ISIN Code: INE751B01018
BSE 16:01 | 27 Mar 2018 Pix Transmission Ltd
NSE 05:30 | 01 Jan 1970 Pix Transmission Ltd
OPEN 123.70
PREVIOUS CLOSE 121.85
VOLUME 17669
52-Week high 199.00
52-Week low 108.00
P/E 10.77
Mkt Cap.(Rs cr) 170
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 123.70
CLOSE 121.85
VOLUME 17669
52-Week high 199.00
52-Week low 108.00
P/E 10.77
Mkt Cap.(Rs cr) 170
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pix Transmission Ltd. (PIXTRANSMISSION) - Auditors Report

Company auditors report

TO THE MEMBERS OF PIX TRANSMISSIONS LIMITED

Report on the Standalone Financial Statements

1. I have audited the accompanying standalone financial statements of PIX TRANSMISSIONSLimited ("the Company") which comprise the Balance Sheet as at 31stMarch 2016 the Statement of Profit and Loss the Cash Flow Statement for the year endedand a summary of the significant accounting policies and other explanatory information.

Management’s Responsibility for the Standalone Financial Statements

2. The Company’s Board of Directors is responsible for the matters stated inSection 134(5) of the Companies Act 2013 ("the Act") with respect to thepreparation of these standalone 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 maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls 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. My responsibility is to express an opinion on these standalone financial statementsbased on my audit.

4. I 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 there under.

5. I conducted my audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that I 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 the disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

7. I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the standalone financial statements.

Opinion

8. In my opinion and to the best of my information and according to the explanationsgiven to me 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 and its profit and its cash flows for the year ended onthat date.

Report on Other Legal and Regulatory Requirements

9. As required by ‘the Companies (Auditor’s Report) Order 2016’ issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Act(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as I considered appropriate and according to theinformation and explanations given to me I give in the Annexure a statement on thematters specified in paragraphs 3 and 4 of the Order.

10. As required by Section 143 (3) of the Act I report that:

1. I have sought and obtained all the information and explanations which to the best ofmy knowledge and belief were necessary for the purposes of my audit.

2. In my 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.

3. 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.

4. In my opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

5. On the basis of the written representations received from the directors as on 31stMarch 2016 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2016 from being appointed as a director in termsof Section 164 (2) of the Act.

6. With respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to myseparate report in Annexure-"B" and

7. 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 my opinionand to the best of my information and according to the explanations given to me:

i. The Company has no pending litigation during the financial year ended 31st March2016.

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.

For S.C. Bandi & Co.

Chartered Accountants

Firm Reg. No.130850W

S.C. BANDI

(Proprietor)

M. No.16932

Place: Mumbai

Date: 28th May 2016

ANNEXURE A TO THE AUDITOR’S REPORT

The Annexure referred to in Independent Auditor’s Report to the members of thecompany on the standalone financial statements for the year ended 31st March 2016 Ireport that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The assets have been physically verified by the management during the year and nomajor discrepancies were noticed on such verification.

(c) The title deeds of immovable properties are held in the name of the company.

(ii) (a) The inventory has been physically verified during the year by the management.In my opinion the frequency of verification is reasonable.

(b) The discrepancies noticed on verification have been properly dealt within the booksof accounts.

(iii) The company has granted unsecured loans to companies firms Limited LiabilityPartnership or other parties covered in the register maintained under Section 189 of theCompanies Act 2013

(a) The terms and conditions of grant of unsecured loans to parties covered underSection 189 of the Companies Act are not prejudicial to the Company’s interest.

(b) There is no stipulation as to the time period for payment of the principal amountof unsecured loans granted.

Hence the provisions of sub-clauses (b) and (c) of clause (iii) of paragraph 3 of theOrder are not applicable.

(iv) In my opinion and according to information and explanation given to me thecompany has complied with provisions of Section 185 and 186 of Companies Act 2013 withrespect to loans investments guarantee and security.

(v) The Company has not accepted any deposits from public hence the directives issuedby the Reserve Bank of India and the provisions of sections 73 to 76 or any other relevantprovisions of the Companies Act 2013 and the rules framed there under are not applicableto the Company.

(vi) The Central Government has prescribed the maintenance of cost records undersub-section (1) of section 148 of the Companies Act 2013 for the product of the Company.

(vii) According to the information and explanations given to me and on the basis of theexamination of the records of the company is generally regular in depositing undisputedstatutory dues including provident fund employees’ state insurance income-taxsales-tax service-tax duty of customs duty of excise value added tax cess and anyother statutory dues to the appropriate authorities. There are no arrears of outstandingstatutory dues as at 31st March 2016 for a period of more than six months from the datethey became payable.

(viii) According to the information and explanations given to me the Company has notdefaulted in repayment of dues to financial institutions banks or Government.

(ix) The Company has not raised money by way of initial public offer or further publicoffer (including debt instruments) however it has raised term loan during the year.

(x) According to the information and explanations given to me no fraud by the Companyor any fraud on the Company by its officers or employees has been noticed or reportedduring the year.

(xi) According to the information and explanations given to me managerial remunerationhas been paid in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

(xii) In my opinion and according to information and explanations given to me theCompany is not a Nidhi Company; hence the provisions of the clause (xii) of paragraph 3 ofthe Order are not applicable to the Company.

(xiii) According to the information and explanations given to me all transactions withthe related parties are in compliance with sections 177 and 188 of Companies Act 2013 andthe details have been disclosed in the Financial Statements as required by the applicableaccounting standards.

(xiv) According to the information and explanations given to me the Company has notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review. Hence the provisions of clause (xiv)of paragraph 3 of the Order are not applicable to the Company.

(xv) According to the information and explanations given to me the Company has notentered into any non-cash transactions with directors or persons connected with them.Hence the provisions of clause (xv) of paragraph 3 of the Order are not applicable to theCompany.

(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934. Hence the provisions of clause (xvi) of paragraph 3 of the Orderare not applicable to the Company.

For S.C. Bandi & Co.

Chartered Accountants

Firm Reg. No.130850W

S.C. BANDI

(Proprietor)

M. No.16932

Place: Mumbai

Date: 28th May 2016

ANNEXURE -B TO THE AUDITOR’S REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

I have audited the internal financial controls over financial reporting of PixTransmissions Limited ("the Company") as of 31 March 2016 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

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 safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors’ Responsibility

My responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting based on my audit. I conducted my 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.

My audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. My 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 designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor’s judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

I believe that the audit evidence I have obtained is sufficient and appropriate toprovide a basis for my audit opinion on the Company’s internal financial controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s 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 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 authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised 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 my 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 31 March 2016 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.

For S.C. Bandi & Co.

Chartered Accountants

Firm Reg. No.130850W

S.C. BANDI

(Proprietor) M. No.16932

Place: Mumbai

Date: 28th May 2016