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Premier Capital Services Ltd.

BSE: 511016 Sector: Financials
NSE: N.A. ISIN Code: INE946K01023
BSE 00:00 | 08 Aug 6.29 0.34
(5.71%)
OPEN

6.50

HIGH

7.14

LOW

6.01

NSE 05:30 | 01 Jan Premier Capital Services Ltd
OPEN 6.50
PREVIOUS CLOSE 5.95
VOLUME 5690
52-Week high 14.26
52-Week low 4.14
P/E
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.50
CLOSE 5.95
VOLUME 5690
52-Week high 14.26
52-Week low 4.14
P/E
Mkt Cap.(Rs cr) 23
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Premier Capital Services Ltd. (PREMIERCAPSERV) - Auditors Report

Company auditors report

To

The Members of Premier Capital Services Limited

Report on the audit of the financial statements

Opinion

We have audited the accompanying financial statements of Premier Capital ServicesLimited ("the Company") which comprise the balance sheet as at March 31 2021and the Statement of Profit and Loss Statement of changes in equity and Statement of CashFlows for the year then ended and notes to the financial statements including a summaryof significant accounting policies and other explanatory information.

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 fair viewin conformity with the accounting principles generally accepted in India of the state ofaffairs of the Company as at March 31 2021 its loss and cash flows for the year ended onthat date.

Basis for opinion

We conducted our audit in accordance with the standards on auditing specified undersection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the auditor's responsibilities for the audit of the financialstatements 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 together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules there under and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the code of ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion on the Financial Statements.

Material uncertainty related to going concern

We draw your attention to note 1(B.1)(b) of Ind As Financial statement that the Companyhas incurred a loss of Rs. 42.90 Lakhs during the year ended 31 March 2021 and hasaccumulated losses of Rs. 390.94 Lakhs due to which its net worth has been eroded and asof that date the company's current liabilities exceeded its current asset by Rs. 12.76Lakhs. These conditions indicate that material uncertainty exist that may cast significantdoubt on the company ability to continue as going concern. However the Ind AS financialstatements of the company have been prepared on a going concern basis based on therepresentation made by the management.

Our opinion is not modified in respect of this matter

Key audit matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. 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. Wehave determined that there are no key audit matters to communicate in our report.

Information other than the financial statements and auditors' 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 Board'sReport including Annexures to Board's Report Business Responsibility Report but does notinclude the financial statements and our auditor's report thereon.

Our opinion on the financial statements 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 the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

36th ANNUAL GENERAL MEETING PREMIER CAPITAL SERVICES LIMITED

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

Management's responsibility for the financial statements

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 financial position financial performance including othercomprehensive income cash flows and changes in equity of the Company in accordance withthe accounting principles generally accepted in India including the Indian AccountingStandards (Ind AS) specified under Section 133 of the Act read with the Companies (IndianAccounting Standards) Rules 2015 as amended. 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; makingjudgements and estimates that are reasonable and prudent; and the design implementationand maintenance of adequate internal financial controls that were operating effectivelyfor ensuring 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. In preparing theFinancial Statements management is responsible for assessing the Company's ability tocontinue as a going concern disclosing as applicable matters related to going concernand using the going concern basis of accounting unless management either intends toliquidate the Company or to cease operations or has no realistic alternative but to doso. Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's responsibilities 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 weexercise professional judgment and maintain professional skepticism throughout the audit.We also:

-Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

-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 theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls

-Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

-PREMIER CAPITAL SERVICES LIMITED 36th ANNUAL GENERAL MEETING

-Conclude on the appropriateness of management's use of the going concern basis ofaccounting 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 as agoing concern.

-Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

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. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on other legal and regulatory requirements

i. 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" a statement on thematters specified in paragraphs 3 and 4 of the Order to the extent applicable.

ii. 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;

d. In our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Act read with rule 7 of the Companies(Accounts) Rules 2014;

e. On the basis of the written representations received from the directors as on March31 2021 taken on record by the board of directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct; f. With respect to the adequacy of the internal financial controls over financialreporting of the

Company and the operating effectiveness of such controls refer to our separate Reportin

Annexure "B"; and

g. 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 opinion and to thebest of our information and according to the explanations given to us;

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements(Refer Note No. 21 )

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and

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

h. With respect to the matter to be included in the Auditors' Report under section197(16) of the Act as amended:

i. In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its managing director during the year is in accordancewith the provisions of section 197 of the Act.

Unique Document Identification Number (UDIN) for this document is UDIN:21436593AAAAAN2384

For S P A R K & Associates Chartered Accountants LLP

Chartered Accountants

Firm Reg No. 005313C/C400311

CA Chandresh Singhvi

Partner

Membership No. 436593

Indore

Dated 29th June 2021

Annexure "A" To The Independent Auditor's Report On The Financial StatementOf

Premier Capital Services Limited

Report on the Order issued under Section 143(11) of the Companies Act 2013

i. (a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of fixed assets on the basis of availableinformation.

(b) As explained to us all the assets have been physically verified by the managementin a phased periodical manner which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. No material discrepancies were noticedon such verification.

(c) According to the information and explanation given to us and on the basis of ourexamination of the records of the Company the Company does not have any immovableproperty in its name and therefore the said clause is not applicable; ii. The Company is aservice company primarily rendering management consultancy services.

Accordingly it does not hold any physical inventories. Thus paragraph 3(ii) of theOrder is not applicable to the Company;

iii. The Company has not granted any investments in given any guarantee or security orgranted any loans or advances which are characterized as loans unsecured or secured toLLPs firms or companies or any other person. Thus paragraph 3(iii)(a)(b) and (c) of theOrder is not applicable to the Company and hence not commented upon.

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act with respectto the loans and investments made;

v. According to information and explanations provided to us the company has notaccepted any deposit from public as defined according to the provisions of Section 73 to76 of the Companies Act 2013 and the Rules framed there under. Hence we offer nocomments in respect of any contraventions thereto. No order has been passed by Company LawBoard or National Company Law Tribunal or the Reserve Bank of India or any Court or othertribunal in respect of any deposit as defined according to the provisions of Section 73 to76 of the Companies Act 2013 and Rules framed there-under.

vi. The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the services rendered by the Company;

vii. (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs goods and service tax cess and othermaterial statutory dues have been regularly deposited during the year by the Company withthe appropriate authorities. (b) According to the information and explanationsgiven to us no material undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income Tax Sales Tax Value

Added Tax Duty of Customs Duty of Excise Goods and Service Tax Cess and othermaterial statutory dues were in arrears as at March 31 2021 for a period of more than sixmonths from the date they became payable except the following;

Name of Statue Period to which amount relates Amount (in Rs.)
TDS 2007-08 247200

 

(c) According to information and explanations given to us the following dues ofIncome Tax have not been deposited by the Company on March 31 2021 on account of disputes

Name of Statute Nature of Dues Amount (in Rs.) Period to which the amount relates Forum where dispute is pending
Income Tax Income Tax and Interest 17411310/- Assessment Year 2013-14 CIT (A) Mumbai
Income Tax Income Tax and Interest 311090/- Assessment Year 2014-15 CIT (A) Mumbai
Income Tax Income Tax and Interest 15573740/- Assessment Year 2012-13 ITAT Mumbai*

* The income tax department has preferred an appeal against the CIT (A) order dated24/03/2017 in ITAT hearing of the same is still pending in ITAT.

viii. The Company does not have any loans or borrowings from any financial institutionbanks

Government or debenture holders during the year. Accordingly paragraph 3(viii) of theOrder is not applicable;

ix. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3(ix) of the Order is not applicable;

x. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit. We therefore express our inability to express any opinion onthe nature of fraud or amount involved therein;

xi. According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not paid managerialremuneration. Accordingly paragraph 3(xi) of the Order is not applicable;

xii. In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph 3(xii) of the Order is notapplicable;

xiii. 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 Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards;

xiv. According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year and hence reporting requirements under clause 3(xiv) of the Order are notapplicable to the Company and not commented upon.; xv. According to the information andexplanations given to us and based on our examination of the records of the Company theCompany has not entered into non-cash transactions with directors or persons connectedwith him. Accordingly paragraph 3(xv) of the Order is not applicable;

xvi. According to the information and explanations provided to us the provisions ofSection 45-IAof the

Reserve Bank of India Act 1934 are not applicable to the Company.

Unique Document Identification Number (UDIN) for this document is:21436593AAAAAN2384

For S P A R K & Associates Chartered Accountants LLP

Chartered Accountants

Firm Reg No. 005313C/C400311

CA Chandresh Singhvi

Partner

Membership No. 436593

Indore

Dated 29th June 2021

Annexure "B" to the Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on other legal and regulatoryrequirements' section ofour report to the members of Premier Capital Services Limited ofeven date)

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 PremierCapital Services Limited ("the Company") as of March 31 2021 in conjunctionwith our audit of the Financial Statements of the Company for the year ended on that date.

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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India.These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting with reference to these Financial Statements based onour audit. We conducted our audit in accordance with the Guidance Note and the Standardson Auditing as specified under Section 143(10) of the Act to the extent 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 with reference tothese Financial Statements was established and maintained and if such controls operatedeffectively in all material respects. Our audit involves performing procedures to obtainaudit evidence about the adequacy of the internal financial controls over financialreporting with reference to these Financial Statements and their operating effectiveness.Our audit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting with reference tothese Financial Statements assessing the risk that a material weakness exists andtesting and evaluating the design and operating effectiveness of internal control based onthe assessed risk. The procedures selected depend on the auditors' judgement includingthe assessment of the risks of material misstatement of the financial statements whetherdue to fraud or error. We believe that the audit evidence we have obtained is sufficientand appropriate to provide a basis for our audit opinion on the internal financialcontrols over financial reporting with reference to these Financial Statements.

Meaning of Internal Financial Controls over Financial Reporting with reference to theseFinancial Statements:

A company's internal financial control over financial reporting with reference to theseFinancial

Statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control over financial reporting with reference to these FinancialStatements 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 withreference to these Financial Statements:

Because of the inherent limitations of internal financial controls over financialreporting with reference to these Financial Statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these FinancialStatements to future periods are subject to the risk that the internal financial controlover financial reporting with reference to these Financial Statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects adequate internal financialcontrols over financial reporting with reference to these Financial Statements and suchinternal financial controls over financial reporting with reference to these FinancialStatements were operating effectively as at March 31 2021 based on the internal controlover financial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

Unique Document Identification Number (UDIN) for this document is UDIN:21436593AAAAAN2384

For S P A R K & Associates Chartered Accountants LLP

Chartered Accountants

Firm Reg No. 005313C/C400311

SD/-

CA Chandresh Singhvi

Partner

Membership No. 436593

Indore

Dated 29th June 2021

.