You are here » Home » Companies ยป Company Overview » Pervasive Commodities Ltd

Pervasive Commodities Ltd.

BSE: 517172 Sector: Others
NSE: N.A. ISIN Code: INE443P01020
BSE 00:00 | 14 May Pervasive Commodities Ltd
NSE 05:30 | 01 Jan Pervasive Commodities Ltd
OPEN 12.00
PREVIOUS CLOSE 12.00
VOLUME 100
52-Week high 12.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 12.00
CLOSE 12.00
VOLUME 100
52-Week high 12.00
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 0
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Pervasive Commodities Ltd. (PERVASIVECOMM) - Auditors Report

Company auditors report

To

The Members of

Pervasive Commodities Limited

Report on the audit of the Financial Statements

Opinion

1. We have audited the accompanying Ind AS financial statements of PervasiveCommodities Limited ("the Company") which comprise the balance sheet as at31 March 2022 and the statement of profit and loss (including other comprehensiveincome) statement of changes in equity and statement of cash flows for the year thenended and notes to the financial statements including a summary of significantaccounting policies and other explanatory information ("the FinancialStatements").

2. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Financial Statements give the information required by theCompanies Act 2013 ("Act") in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31 March 2022 and its loss and other comprehensiveincome changes in equity and its cash flows for the year then ended.

Basis for Opinion

3. We conducted our audit in accordance with the Standards on Auditing("SAs") specified under section 143(10) of the Act. Our responsibilities underthose SAs 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 ("ICAI") together with the ethical requirements that are relevant to ouraudit of the Financial Statements under the provisions of the Act and the rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion on the FinancialStatements.

Key Audit Matters

4. Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Financial Statements of the current year. These matterswere addressed in the context of our audit of the Financial Statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.There are no key audit matters to communicate.

Other Information

5. The Company's Board of Directors are responsible for the other information. Theother information comprises the information included in the Company's annual report butdoes not include the Financial Statements and our auditors' report thereon.

6. Our opinion on the Financial Statements does not cover the other information and wedo not express any form of assurance conclusion thereon.

7. In connection with our audit of the Financial Statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the Financial Statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information; weare required to report that fact. We have nothing to report in this regard.

Management's responsibility for the Financial Statements

8. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Financial Statements that givea true and fair view of the state of affairs loss and other comprehensive income changesin equity and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian accounting standards ("IndAS") specified under section 133 of the Act. This responsibility also includesmaintenance of adequate accounting records in accordance with the provisions of the Actfor safeguarding of the assets of the Company and for preventing and detecting frauds andother irregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls 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.

9. In preparing the Financial Statements the management is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless themanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

10. The Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's responsibilities for the audit of the Financial Statements

11. 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.

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

12.1. 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.

12.2. 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)the Act we are also responsible for expressing our opinion on whether the Company hasadequate internal financial controls with reference to Financial Statements in place andthe operating effectiveness of such controls.

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

12.4. Conclude on the appropriateness of the management's use of the going concernbasis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the Financial Statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

12.5. 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.

13. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

14. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.

15. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the Financial Statements ofthe current year 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

16. As required by the Companies (Auditor's Report) Order 2020 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Act we give in the "Annexure A"a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

17. As required by Section 143(3) of the Act we report that:

17.1. We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit.

17.2. 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.

17.3. The balance sheet the statement of profit and loss including other comprehensiveincome the statement of changes in equity and the cash flow statement dealt with by thisReport are in agreement with the books of account.

17.4. In our opinion the aforesaid Financial Statements comply with the Ind ASspecified under Section 133 of the Act.

17.5. On the basis of the written representations received from the directors as on 31March 2022 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2022 from being appointed as a director in terms of Section164(2) of the Act.

17.6. With respect to the adequacy of the internal financial controls with reference toFinancial Statements of the Company and the operating effectiveness of such controlsrefer to our separate Report on internal financials control over financials reporting asper Annexure-2; and

17.7. In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act.

18. 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:

18.1. The Company does not have any pending litigations which would impact itsfinancial position.

18.2. The Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses.

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

18.4. The management has represented that no funds have been advanced or loaned orinvested (either from borrowed funds or share premium or any other sources or kind offunds) by the Company to or in any other person(s) or entity(ies) including foreignentities ("Intermediaries") with the understanding whether recorded in writingor otherwise that the Intermediary shall whether directly or indirectly lend or investin other persons or entities identified in any manner whatsoever by or on behalf of theCompany ("Ultimate Beneficiaries") or provide any guarantee security or thelike on behalf of the Ultimate Beneficiaries. Based on reasonable audit procedures adoptedby us nothing has come to our notice that such representation contains any materialmisstatement.

18.5. The management has represented that no funds have been received by the Companyfrom any person(s) or entity(ies) including foreign entities ("FundingParties") with the understanding whether recorded in writing or otherwise that theCompany shall whether directly or indirectly lend or invest in other persons orentities identified in any manner whatsoever by or on behalf of the Funding Party("Ultimate Beneficiaries") or provide any guarantee security or the like onbehalf of the Ultimate Beneficiaries. Based on reasonable audit procedures adopted by usnothing has come to our notice that such representation contains any materialmisstatement.

18.6. In our opinion and according to the information and explanations given to us nodividend has been declared and / or paid during the year by the Company.

Annexure - A to the Auditors' Report

The Annexure as referred to in Independent Auditors' Report to the members of theCompany on the financial statements for the year ended 31 March 2022 we report that:

1. a) A. The Company has maintained proper records showing full particulars includingquantitative details.

B. The company has maintained proper records showing full particulars of its IntangibleAssets.

b) The Company has a regular program of physical verification of its fixed asset.

c) The title deeds of all the immovable properties disclosed in the financialstatements are held in the name of the company.

d) The company has not made any revaluation of value of its Property Plant &Equipment (including Right of use assets) or Intangible Assets or both during the year.

e) No proceedings were initiated/not pending against the company for holding Benamiproperties under the "Benami Transactions (Prohibition) Act 1988 and Rules"made there under.

2. a) The company is the Service provider Company and primarily rendering televisionchannel broadcasting services. Accordingly it does not hold any physical inventoriesaccordingly this clause is not applicable to the company.

b) The company has not been sanctioned working capital limits in excess of five crorerupees at any point of time during the year accordingly this clause is not applicable tothe company.

3. During the year the company has not made investments in nor provided any guaranteeor securityor granted any loans or advances in the nature of loans secured or unsecuredto companies firmsLimited Liability Partnerships or any other parties thereforesub-clauses (a) to (f) of this clause is not applicable to the company.

4. In our opinion and according to the information and explanation given to us thecompany has complied with the provision of section 185 and 186 of the Companies Act 2013for loans investments guarantees and security.

5. According to the information and explanation given to us the Company has notaccepted any deposits from the public in accordance with the provisions of Section 73 to76 of the Act or any other relevant provisions of the Act and the Companies (Acceptance ofDeposit) Rules 2015 with regard to the deposits accepted from the public are notapplicable to the company.

6. According to the information and explanation given to us the maintenance of costrecords under sub- section 1 of section 148 of the Companies Act 2013 is not mandatory tothe company.

7. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company the company is regular in depositingundisputed statutory dues including Goods and Service Tax Provident Fund Employees'State Insurance Income Tax Sales Tax Service Tax duty of Customs duty of Excisevalue added tax cess and any other statutory dues to the appropriate authorities.According to the information and explanations given to us there were no outstandingstatutory dues as on 31st of March 2022 for a period of more than six months from thedate they became payable.

(b) According to the information and explanations given to us and documents provided tous except mentioned below there are no other disputed dues of Goods and Service Taxincome tax sales tax duty of excise service tax and value added tax duty of customsduty of Excise value added tax cess and any other statutory which have not beendeposited with the appropriate authorities on account of any dispute:

Sr No. Name of the Statute Section under which dispute is pending Period to which amount relates (FY) Amount (Rs. in Lacs) Forum where the dispute is pending
1 Income Tax Act 1961 143(1) 2019-20 0.01 CPC

8. According to the information and explanations given to us we are of the opinionthat:

(a) The company has not defaulted in repayment of any outstanding loans or otherborrowing to any lender.

(b) The company has not been declared wilful defaulter by any bank or financialinstitution or other lender.

(c) The company has not availed any term loan therefore question of application of termloan does not arise.

(d) The company has not raised any short term fund therefore question of utilisation ofshort term fund does not arise.

(e) The company has not taken any funds from any entity or person on account of to meetthe obligations of its subsidiaries Joint Venture Associates Companies.

(f) The Company has not raised any loans during the year on the pledge of securitiesheld in its subsidiaries Joint Venture Associates Companies.

9. (a) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) during the year. Hence question of applicationof fund does not arise.

(b) The company has not made any preferential allotment or private placement of sharesor convertible debentures (fully partially or optionally convertible) during the year.

10. (a) According to the information and explanations given to us no material fraud bythe Company or on the Company has been noticed or reported during year.

(b) No report under sub-section (12) of section 143 of the Companies Act has been filedby us in Form ADT-4 as prescribed under rule 13 of Companies (Audit and Auditors)Rules2014 with the Central Government.

C) As represented to us by the management there are no whistle blower complaintsreceived by the company during the year.

11. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company accordingly this clause is not applicable.

12. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Companies Act 2013. Where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable Indian accounting standards.

13. In our opinion and based on our examination the company does not have an InternalAudit System and is not required to have Internal Audit System as per Companies Act2013.

14. According to the information and explanations given to us in our opinion duringthe year the Company has not entered into non-cash transactions with directors or personsconnected with him and hence provisions of section 192 of the companies Act 2013 are notapplicable to the Company.

15. (a) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

(b) The company has not conducted any Non-banking Financial or Housing Financeactivities.

(c) The company is not a Core Investment Company (CIC) as defined in the regulationsmade by the Reserve Bank of India.

(d) The company is not part of the Group which has more than one CIC as part of theGroup.

16. As per our observation from financial statement of the company the company hasincurred cash losses in the financial year under review as well as in the immediatepreceding financial year.

17. There has been no resignation of the statutory auditors during the year accordinglythis clause is not applicable to the company.

18. According to the information and explanations given to us and on the basis offinancial ratios ageing and expected dates of realization of financial assets and paymentof financial liabilities other information accompanying the financial statements ourknowledge of the Board of Directors and management plans we are of the opinion that thereis no material uncertainty exists as on the date of audit report and we are also of theopinion that the Company is capable of meeting its liabilities existed at the date ofbalance sheet as and when they fall due within a period of one year from the balance sheetdate.

19. Provisions of section 135 (1) of Companies Act 2013 is not applicable to thecompany accordingly this clause is not applicable to the company.

20. The company is not a holding company and also not required to prepare consolidatedfinancial statements as per the provisions of the Act accordingly this clause is notapplicable to the company.

Annexure - B to the Auditors' 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 PervasiveCommodities Limited ("the Company") as of 31 March 2022 in conjunction withour audit of the Ind AS 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired 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 Ind AS 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized 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 internalfinancial controls over financial reporting to future periods are subject to the risk thatthe internal financial control over financial reporting may become inadequate because ofchanges in conditions or that the degree of compliance with the policies or proceduresmay 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 2022 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 V. D. Shukla & Co.
Chartered Accountants
FRN: 110240W
Sd/-
Vimal D. Shukla
(Proprietor)
Place: Ahmedabad MRN: 036416
Date: 10.05.2022 UDIN: 22036416AIRZWS2946

.