Prime Capital Market Ltd.
|BSE: 535514||Sector: Financials|
|NSE: N.A.||ISIN Code: INE748D01010|
|BSE 00:00 | 04 Jan||Prime Capital Market Ltd|
|NSE 05:30 | 01 Jan||Prime Capital Market Ltd|
|BSE: 535514||Sector: Financials|
|NSE: N.A.||ISIN Code: INE748D01010|
|BSE 00:00 | 04 Jan||Prime Capital Market Ltd|
|NSE 05:30 | 01 Jan||Prime Capital Market Ltd|
STANDALONE IND AS FINANCIAL STATEMENTS
for the year ended 31st March 2021
To the Members of Prime Capital Market Limited
Report on the Audit of the Standalone Ind AS Financial Statements Opinion
We have audited the accompanying standalone financial statements of Prime CapitalMarket Limited (the Company) which comprise the Balance Sheet as at March 312021 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity the Statement of Cash Flows and notes to the standaloneInd AS financial statements for the year ended on that date and a summary of thesignificant accounting policies and other explanatory information (hereinafter referred toas the standalone financial statements). In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid standalonefinancial statements give the information required by the Companies Act 2013 (theAct) in the manner so required and give a true and fair view in conformity with theIndian Accounting Standards prescribed under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended (Ind AS) andother accounting principles generally accepted in India of the state of affairs of theCompany as at March 31 2021 the profit and total comprehensive income changes in equityand its cash flows for the year ended on that date.
Basis for opinion
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Ind AS Financial Statements section ofour report. We are independent of the Company in accordance with the Code of Ethics issuedby the Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the standalone financial statements underthe provisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the standalone Ind AS financial statements.
Emphasis of Matters
We draw attention to Note 32 to the accompanying financial statements which describemanagement's assessment of uncertainty relating to the effects of the COVID-19 pandemic onthe Company's operations. Due to COVID-19 pandemic and the lockdown and other restrictionsimposed by the Government and local administration the audit processes were carried outbased on the necessary records made available by the Management through digital medium.Our opinion is not modified in respect of this matter.
Information Other than the Standalone Financial Statements 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 Annexures to Board's Report CorporateGovernance and Shareholder's Information but does not include the standalone financialstatements and our auditor's report thereon. Our opinion on the standalone Ind ASfinancial statements does not cover the other information and we do not express any formof assurance conclusion thereon. In connection with our audit of the Ind AS standalonefinancial statements our responsibility is to read the other information and in doingso consider whether the other information is materially inconsistent with the standaloneInd AS financial statements or our knowledge obtained during the course of our audit orotherwise appears to be materially misstated. If based on the work we have performed weconclude that there is a material misstatement of this other information; we are requiredto report that fact. We have nothing to report in this regard.
Management's Responsibility for the Standalone 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 standalone Ind AS financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including theIndian Accounting Standards (Ind AS) specified under section 133 of the Act read with theCompanies (Indian Accounting Standards) Rules 2015 as amended. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding of the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error. In preparing the standalone Ind AS financial statements managementis responsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so. The Board of Directors areresponsible for overseeing the Company's financial reporting process.
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.Based on the circumstances and facts of the audit and entity there aren't key auditmatters to be communicated in our report.
Auditor's Responsibilities for the Audit of the Standalone Financial Statements
Our objectives are to obtain reasonable assurance about whether the standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a 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 these standalone Ind AS financial statements. As part of an audit inaccordance with SAs we exercise professional judgment and maintain professionalskepticism throughout the audit. We also: Identify and assess the risks of materialmisstatement of the standalone financial statements whether due to fraud or error designand perform audit procedures responsive to those risks and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting amaterial misstatement resulting from fraud is higher than for one resulting from error asfraud may involve collusion forgery intentional omissions misrepresentations or theoverride of internal controls. Obtain an understanding of internal financial controlsrelevant to the audit in order to design audit procedures that are appropriate in thecircumstances. Under section 143(3)(i) of the Act we are also responsible for expressingour opinion on whether the Company has adequate internal financial controls system inplace and the operating effectiveness of such controls. Evaluate the appropriateness ofaccounting policies used and the reasonableness of accounting estimates and relateddisclosures made by management. Conclude on the appropriateness of management's 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 statements 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 However future events or conditions may causethe Company to cease to continue as a going concern. Evaluate the overall presentationstructure and content of the standalone financial statements including the disclosuresand whether the standalone financial statements represent the underlying transactions andevents in a manner that achieves fair presentation. Obtain sufficient appropriate auditevidence regarding the financial information of the Company to express an opinion on thestandalone financial statements. Materiality is the magnitude of misstatements in thestandalone financial statements that individually or in aggregate makes it probable thatthe economic decisions of a reasonably knowledgeable user of the financial statements maybe influenced. We consider quantitative materiality and qualitative factors in (i)planning the scope of our audit work and in evaluating the results of our work; and (ii)to evaluate the effect of any identified misstatements in the financial statements. Wecommunicate with those charged with governance regarding among other matters the plannedscope and timing of the audit and significant audit findings including any significantdeficiencies 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 standalone financial statements of the current period and aretherefore the key audit matters. We describe these matters in our auditor's report unlesslaw or regulation precludes public disclosure about the matter or when in extremely rarecircumstances we determine that a matter should not be communicated in our report becausethe adverse consequences of doing so would reasonably be expected to outweigh the publicinterest benefits of such communication.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016 (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 the mattersspecified in paragraphs 3 and 4 of the Order.
2. As required by Section 143(3) of the Act based on our audit we report that :a) We have sought and obtained all the information and explanations which to the best ofour knowledge and belief were necessary for the purposes of our audit. b) In our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c) The Balance Sheet the Statement of Profitand Loss including Other Comprehensive Income Statement of Changes in Equity and theStatement of Cash Flow dealt with by this Report are in agreement with the relevant booksof account. d) In our opinion the aforesaid standalone financial statements comply withthe Ind AS 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 thedirectors as on March 31 2021 taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2021 from being appointed as a director in termsof Section 164 (2) of the Act. f) With respect to the adequacy of the internal financialcontrols over financial reporting of the Company with reference to these standalone Ind ASfinancial statements and the operating effectiveness of such controls refer to ourseparate Report in Annexure B to this report; g) With respect to the othermatters to be included in the Auditor's Report in accordance with Rule 11 of the Companies(Audit and Auditors) Rules 2014 as amended in our opinion and to the best of ourinformation and according to the explanations given to us: i. The Company has disclosedthe impact of pending litigations if any on its financial position in its standalonefinancial statements Refer Note 32 to the standalone Ind AS financial statements; ii. TheCompany did not have any long-term contracts including derivative contracts for whichthere were any material foreseeable losses; iii. There were no amounts which were requiredto be transferred to the Investor Education and Protection Fund by the Company.
Annexure A to the Independent Auditors' Report
(Referred to in paragraph 1 under Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Prime Capital Market Limited of evendate) i. In respect of its fixed assets: a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of the fixedassets. b) The Company has a program of verification to cover all the items of fixedassets in a phased manner which in our opinion is reasonable having regard to the sizeof the Company and the nature of its assets. Pursuant to the program certain fixed assetswere physically verified by the management during the year. According to the informationand explanations given to us no material discrepancies were noticed on such verification.c) According to information and explanations given to us and on the basis of ourexamination of the records of the company title deeds of immovable properties are held inthe name of the Company. ii. Being a RBI registered NBFC the Company is primarily engagedin financing and investment in securities debentures and other products. Accordingly itdoes not hold any inventories. Thus paragraph 3 (ii) of the Order is not applicable. iii.According to the information and explanations given to us the Company has not granted anyloans secured or unsecured to companies firms and limited liability partnerships orother parties covered in the register maintained under section 189 of the Companies Act.Accordingly the provisions of clause 3(iii)(a) (b) and (c) of the Order are notapplicable to the Company. iv. In our opinion and according to the information andexplanations given to us the Company has not given loan to any director in accordancewith the provisions of Section 185 of the Companies Act 2013. The Company has not givenany loans or guarantees and being a Non-banking financial company its investments areexempted under section 186(11) (b) hence the Company has complied with the provisions ofSection 185 and 186 of the Act as applicable. v. In our opinion and according to theinformation and explanations given to us the Company has not accepted deposits during theyear and does not have any unclaimed deposits as at March 31 2021 and therefore theprovisions of the clause 3 (v) of the Order are not applicable to the Company. vi. Asinformed to us the maintenance of cost records has not been specified by the CentralGovernment under section 148(1) of the Companies Act 2013 for the business activitiescarried out by the Company. Thus reporting under clause 3(vi) of the order is notapplicable to the Company. vii. According to the information and explanations given to usin respect of statutory dues: a) The Company has been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income-tax Goodsand Service Tax and other material statutory dues applicable to it to the appropriateauthorities. Considering the nature of business that the Company is engaged in Sales TaxCustom Duty Excise Duty and Value Added Tax are not applicable to the Company. There wereno undisputed amounts payable in respect of Provident Fund Employees' State InsuranceIncome-tax Goods and Service Tax and other material statutory dues in arrears as at March31 2021 for a period of more than six months from the date they became payable. b)According to the information and explanations given to us there are no dues of Income-taxor Sales tax or Service tax or Goods and Services tax or duty of Customs or duty of Exciseor Value added tax which have not been deposited by the Company on account of disputes ason March 31 2021. viii. In our opinion and according to the information and explanationsgiven to us the Company did not have any loans or borrowing from financial institutionbank government or dues to any debenture holders during the year. Accordingly paragraph3 (viii) of the Order is not applicable to the Company. ix. The Company has not raisedmoneys by way of initial public offer or further public offer (including debt instruments)or term loans and hence reporting under clause 3 (ix) of the Order is not applicable tothe Company. x. Based on the Audit procedures performed for the purpose of reporting thetrue and fair view of financial statements and according to the information andexplanations provided to us we report that no material fraud by the Company or on theCompany by the officers and employees of the Company has been noticed or reported duringthe year. xi. According to the information and explanations given to us the managerialremuneration has been paid and provided in accordance with the requisite approvalsmandated by the provisions of Section 197 read with Schedule V of the Act. xii. In ouropinion the Company is not a nidhi company. Therefore the provisions of Clause 3(xii) ofthe order are not applicable to the Company and hence not commented upon. xiii. Accordingto the information and explanations given to us transactions with related parties are incompliances with section 177 and 188 of the Act where applicable and details have beendisclosed in the notes to the financial statements as required by the applicableaccounting standards. xiv. According to the information and explanations given to us andon overall examination of Balance Sheet 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) are not applicable to theCompany and not commented upon. xv. In our opinion and according to the information andexplanations given to us during the year the Company has not entered into any non-cashtransactions with its Directors or persons connected to its directors and hence provisionsof section 192 of the Companies Act 2013 are not applicable to the Company. xvi. TheCompany is registered under section 45-IA of the Reserve Bank of India Act 1934 and ithas obtained the registration certificate from RBI.
Annexure B to the Independent Auditors' Report
(Referred to in paragraph 2(f) under Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Prime Capital Market Limited of evendate)
Report on the Internal Financial Controls Over Financial Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 (the Act)
We have audited the internal financial controls over financial reporting of PRIMECAPITAL MARKET LIMITED (the Company) as of March 31 2021 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. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the 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.
Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the Guidance Note) issued by the Institute of Chartered Accountantsof India and the Standards on Auditing prescribed under Section 143(10) of the CompaniesAct 2013 to the extent applicable to an audit of internal financial controls. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects. Our audit involves performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgement including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe internal financial controls system over financial reporting of the Company.
Meaning of Internal Financial Controls with reference to Standalone Ind AS financialstatements
A Company's internal financial control with reference to these standalone Ind ASfinancial 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 with reference to financial statements includes those policiesand procedures that (1) pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of theCompany; (2) provide reasonable assurance that transactions are recorded as necessary topermit preparation of standalone Ind AS financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the Company arebeing made only in accordance with authorizations of management and directors of theCompany; 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 standalone Ind AS financial statements.
Inherent Limitations of Internal Financial Controls with reference to Standalone Ind ASfinancial statements
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.
We have audited the internal financial controls with reference to financial statementsof V B Industries Limited (the Company) as of 31 March 2021 in conjunctionwith our audit of the financial statements of the Company for the year ended on that date.In our opinion the Company has in all material respects adequate internal financialcontrols with reference to financial statements and such internal financial controls wereoperating effectively as at 31 March 2021 based on the internal financial controls withreference to financial statements criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India (the Guidance Note).