TO THE BOARD OF DIRECTORS OF PCS TECHNOLOGY LIMITED
Report on the Audit of Standalone Financial Results for the fourth quarter as well asyear ended as on March 31 2021
We have audited the accompanying Standalone Financial Results for the fourth quarterand financial year ended as on March 31 2021 of PCS TECHNOLOGY LIMITED ("theCompany") which comprise the Balance Sheet as at March 31 2021 the Statement ofProfit and Loss (Including Other Comprehensive Income) the Statement of Changes inEquity and the Cash Flow Statement for the year then ended and a summary of thesignificant accounting policies and other explanatory information(the Standalonefinancial Results) being submitted by the Company pursuant to the requirement ofRegulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations2015 as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Results.
a. is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as amended; and
b. give a true and fair view in conformity with the recognition and measurementprinciples laid down in the applicable Indian Accounting Standards and other accountingprinciples generally accepted in India of the net profit and other comprehensive incomeand other financial information for the year ended 31 March 2021.
Basis for Opinion:
We conducted our audit of the Standalone Financial Results in accordance with theStandards on Auditing specified under section 143(10) of the Companies Act 2013 asamended ("the Act"). Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Standalone FinancialResults section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India (ICAI) togetherwith the independence requirements that are relevant to our audit of the StandaloneFinancial Results under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the StandaloneFinancial Results.
Management's and Board of Directors Responsibility for the Standalone Financial Results
These Standalone Financial Results have been prepared on the basis of the standaloneannual financial statements
The Company's Management and the Board of Directors are responsible for the preparationand presentation of these standalone financial results that give true and fair view of thenet profit/loss and other comprehensive income and other financial information inaccordance with the recognition and measurement principles !aid down in Indian AccountingStandards prescribed under Section 133 of the Act and other accounting principlesgenerally accepted in India and in compliance with Regulation 33 of the ListingRegulations. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding of 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 the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial results that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
In preparing the standalone financial results the Management and the Board ofDirectors are responsible for assessing the Company's ability to continue as a goingconcern disclosing as applicable matters related to going concern and using the goingconcern basis of accounting unless the Board of Directors either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so.
The Board of Directors are also responsible for overseeing the financial reportingprocess of the Company.
Auditor's Responsibility for the audit of the Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the standalonefinancial results as a whole are free from material misstatement whether due to fraud orerror and to issue an auditor's report that includes our opinion. Reasonable assurance isa high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of the standalone financial results.
As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:
1. Identify and assess the risks of material misstatement of the Standalone FinancialResults whether due to fraud or error design and perform audit procedures responsive tothose risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal controls.
2. Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of theAct we are also responsible for expressing our opinion through a separate report on thecomplete set of standalone financial statements on whether the company has adequateinternal financial controls with reference to Standalone Financial Statements in place andthe operating effectiveness of such controls.
3. Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures in the Standalone Financial Results made bythe Management and Board of Directors.
4. Conclude on the appropriateness of management and the Board of Directors use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor's report tothe related disclosures in the Standalone Financial Results or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor's report. However future events or conditions maycause the Company to cease to continue as a going concern.
5. Evaluate the overall presentation structure and content of the Standalone FinancialResults including the disclosures and whether the Standalone Financial Results representthe underlying transactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
The Standalone Financial Results include the results for the quarter ended 31 March2021 being the balancing figures between the audited figures in respect of the fullfinancial year and the published audited year to date figures up to the third quarter ofthe current financial year.
| ||For Vinod K Mehta & Co. |
| ||Chartered Accountants |
| ||(Firm Registration No.: 111508W) |
| ||Divyesh V Mehta |
|Place: - Mumbai. ||Partner |
|Date: May 312021 ||Membership No.:044293 |
| ||UDIN:- 21044293AAAADU5579 |