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Peoples Investment Ltd.

BSE: 501144 Sector: Financials
NSE: N.A. ISIN Code: INE644U01015
BSE 00:00 | 26 Mar Peoples Investment Ltd
NSE 05:30 | 01 Jan Peoples Investment Ltd
OPEN 13.35
PREVIOUS CLOSE 13.35
VOLUME 250
52-Week high 13.35
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 13.35
Buy Qty 3753.00
Sell Price 13.35
Sell Qty 250.00
OPEN 13.35
CLOSE 13.35
VOLUME 250
52-Week high 13.35
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 13.35
Buy Qty 3753.00
Sell Price 13.35
Sell Qty 250.00

Peoples Investment Ltd. (PEOPLESINVEST) - Auditors Report

Company auditors report

TO

THE BOARD OF DIRECTORS OF

PEOPLES INVESTMENTS LIMITED

Report on the audit of Financial Statements

Opinion

We have audited the financial statements of Peoples Investments Limited ("theCompany") which comprise the Balance Sheet Statement of Profit and Loss(Statement of Changes in Equity) and statement of cash flows for the quarter & yearended 31st March 2021 being submitted by the Company pursuant to therequirement of Regulation 33 of the SEBI (Listing Obligations & DisclosureRequirements) Regulation 2015 as amended (‘Listing Regulations')

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements:-

a. are presented in accordance with the Requirements of 33 of the Listing Regulationsin this regard; and

b. give a true and fair view in conformity with the recognition & measurementprinciples laid down in the applicable Indian Accounting Standards and other accountingprinciples generally accepted in India of the statement of Affairs of the company for thequarter & year ended March 31 2021 & profit/loss (Changes in Equity) and itscash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the ICAI's Code of Ethics. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our opinion.

Our opinion is not modified in respect of this matter.

Information Other than Financial Statement and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other Information comprises the information included in the ManagementDiscussion and analysis Board's Report including Annexure to Board Report BusinessResponsibility Report Corporate Governance and Share Holder's Information but does notinclude financial statement and our auditor's report thereon.

Our opinion on the Financial Statement does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the Financial Statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with financial statement or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the worked we have performed we conclude that there is materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's & Board of Director's Responsibilities for Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe Companies Act 2013 ("the Act") with respect to the preparation of thesefinancial statements that give a true and fair view of the financial position financialperformance(changes in equity) and cash flows of the company in accordance with therecognition & measurement principles laid down in Indian Accounting Standardsprescribed under Section 133 of the Company Act 2013("the Act")& the rulesthereunder and other accounting principles generally accepted in India and in compliancein with the Regulation 33 of the Listing Regulations.

This responsibility includes the maintenance of adequate accounting records inaccordance with the provisions of the Act for the 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 controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statement that give a true and fair view and are free from materialmisstatement whether due to fraud or error which have been used for the purpose ofpreparation of financial statements by the management & the Directors of the companyas aforesaid.

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.

The Board of Directors are also responsible for overseeing the company's financialreporting 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 highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit we also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those 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 control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing the opinion weather the company hasadequate internal financial controls system in place and operating effectiveness of suchcontrol.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financialstatements/financial information of the company to express an opinion on the FinancialStatements .We are responsible for the direction supervision & performance of theaudit of the financial information of the entity included in the Financial Statements ofwhich we are auditors.

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

We also performed procedures in accordance with the Circular No.CIR/CFD/CMD1/44/2019dated March 29 2019 issued by SEBI under the Regulation 33(8) of the Listing Regulationsas amended to the extent applicable.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 Companies Act 2013 we give in the Annexure "A" statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.

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 the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

c. In our 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.

e. On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act.

f. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of Sec 197(16) of this Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the Company has not paid any remuneration its Directors during the year.

g. 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".

h. 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:

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 derivative contracts forwhich there were any material foreseeable losses.

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

For AMB & Co

Chartered Accountants

Firm Registration No: 120645W

CA Milind Mutha

(Partner)

Membership No: 107938

Place: Pune

Date: 21st June 2021

UDIN : 21107938AAAAES7401

ANNEXURE "A" TO AUDITOR'S REPORT

The Annexure referred to in Independent Auditor's Report to the members of PeopleInvestments Limited on financial statements for the year ended 31st March 2021:

We report that:

On the basis of the records produced to us for our verification or perusal such checksas we consider appropriate and in terms of information and explanation given to us ourinquiries we state that:

1. The Company has no Fixed Assets .Therefore the provisions of clause 1(a) 1(b) and1(c) of the Companies Order are not applicable.

2. The Company does not have any Inventory. Therefore the provisions of clause 2 ofthe Companies Order are not applicable.

3. The Company has not granted any loans secured or unsecured to Companies firmsLimited Liability Partnership (LLP) or other parties covered under section 189 of theCompanies Act 2013 hence reporting under clause no. 3 of the Companies (Audit Report)Order is not made applicable.

4. During the year the Company has not entered into any transactions with section 185and 186 of the Act.

5. No deposits within the meaning of directives issued by RBI (Reserve Bank of India)and Sections 73 to 76 or any other relevant provisions of the Act and rules framed thereunder have been accepted by the Company.

6. The maintenance of cost records under section 148 of the Companies Act 2013 is notapplicable to the company for the year ended on 31st March 2021.

7. (a) The Company is generally regular in depositing undisputed statutory duesincluding provident fund employees' state insurance income tax sales-tax service taxduty of customs duty of excise value added tax cess and any other material statutorydues applicable to the Company with the appropriate authorities. No undisputed amountspayable in respect of the aforesaid statutory dues were outstanding as at the last day ofthe financial year for a period of more than six months from the date they became payable.

(b) According to the records of the Company there are no dues of income tax or salestax or service tax or duty of customs or duty of excise or value added tax which have notbeen deposited on account of any dispute.

8. The Company has not taken any loan or borrowing from a financial institution bankgovernment or debenture holders and hence the provisions of clause 8 of the Order is notapplicable.

9. The Company has not raised any money by way of initial public offer or furtherpublic offer during the year or in the recent past and has not taken any term loan andhence the provisions of clause 9 of the Order is not applicable.

10. During the course of our examination of the books and records of the Companycarried out in accordance with the generally accepted auditing standards in India andaccording to the information and explanations given to us we have neither come across anyinstance of fraud on or by the Company noticed or reported

during the year nor have we been informed of such case by the management.

11. The Company has not paid or provided managerial remuneration during the year hencethe provisions of clause11 of the Order is not applicable.

12. In our opinion the Company is not Nidhi Company. Therefore para 12 of theCompanies (Auditor's Report) Order 2016 is not applicable to the Company.

13. All transactions with the related parties are in compliance with section 177 and188 of Act and the details have been disclosed in the Financial Statements as required bythe applicable accounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures.

15. The Company has not entered into any non-cash transactions with directors orpersons connected with him under section 192of the Act.

16. As the Company does not carry any Non-banking Financial Activity therefore theCompany does not require to be register under Section 45 IA of the Reserve Bank of IndiaAct 1934.

For AMB & CO

Chartered Accountants

Firm Registration No: 126045W

CA Milind Mutha

(Partner)

Membership No: 107938

Date: 21st June 2021

UDIN: 21107938AAAAES7401

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")

We have audited the internal financial controls over financial reporting of PeopleInvestments Limited ("the Company") as of 31st March 2021 inconjunction with our audit of the financial statements of the Company for the quarter& year ended.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued 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 the 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

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 audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our 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.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 operating effectively as at 31 March 2021 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.

For AMB & Co

Chartered Accountants

Firm Registration No: 120645W

CA Milind Mutha

(Partner)

Membership No: 107938

Place: Pune

Date: 21st June 2021

UDIN : 21107938AAAAES7401.

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