You are here » Home » Companies » Company Overview » Prime Urban Development India Ltd

Prime Urban Development India Ltd.

BSE: 521149 Sector: Industrials
NSE: N.A. ISIN Code: INE419E01024
BSE 00:00 | 18 Feb 5.50 0.22
(4.17%)
OPEN

5.50

HIGH

5.50

LOW

5.50

NSE 05:30 | 01 Jan Prime Urban Development India Ltd
OPEN 5.50
PREVIOUS CLOSE 5.28
VOLUME 73
52-Week high 13.05
52-Week low 4.14
P/E
Mkt Cap.(Rs cr) 15
Buy Price 5.29
Buy Qty 500.00
Sell Price 5.28
Sell Qty 10.00
OPEN 5.50
CLOSE 5.28
VOLUME 73
52-Week high 13.05
52-Week low 4.14
P/E
Mkt Cap.(Rs cr) 15
Buy Price 5.29
Buy Qty 500.00
Sell Price 5.28
Sell Qty 10.00

Prime Urban Development India Ltd. (PRIMEURBAN) - Auditors Report

Company auditors report

To

The Members of

Prime Urban Development India Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Prime UrbanDevelopment India Limited (‘the Company') which comprise the Balance sheet as at31st March 2018 the Statement of profit and loss (including other comprehensive income)Cash flow statement and the statement of changes in equity for the year then ended and asummary of significant accounting policies and other explanatory information (in which areincluded the Returns for the year ended on that date audited by the branch auditor of theCompany's branch located at Mumbai).

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 Companies Act 2013 ("the Act") with respect to the preparationand presentation of these standalone Ind AS financial statements that give a true and fairview of the financial position financial performance (including other comprehensiveincome) cash flows and changes in equity of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards (Ind AS)specified under Section 133 of the Act read with the Companies (Indian AccountingStandard) Rules 2015 as amended. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingthe assets of the Company and for preventing and detecting frauds and otherirregularities; 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 Ind AS financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone Ind AS financialstatements based on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit of the Standalone I nd AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act and otherapplicable authoritative pronouncement issued by the Institute of Chartered Accountants ofIndia. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the Ind AS financialstatements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone Ind AS financial statements whether due to fraud or error. In making thoserisk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Other Matter

We did not audit the financial statement of Mumbai branch included in the standalonefinancial statements of the company whose financial statements reflect total assets of Rs.954.45 lakhs as at 31st March 2018 and the total revenue of Rs. 29.96 lakhs for the yearended on that date as considered in the standalone financial statements of the Mumbaibranch have been audited by the branch auditor whose reports have been furnished to usand our opinion in so far as it relates to the amounts and disclosures included in respectof branch is based solely on the report of such branch auditor.

Our opinion is not modified in respect of these matters.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India:

(i) in the case of the Balance Sheet of the state of affairs of the company as at 31stMarch 2018

(ii) in the case of the Statement of Profit and Loss (comprising of other comprehensiveincome) of the loss for the year ended on that date;

(iii) in the case of the Cash Flow Statement of the cash flows for the year ended onthat date; and

(iv) changes in equity for the year ended on that date.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ("the Order")as amended 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 the paragraph 3 and 4 of the Order.

2. 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 reports on the accounts of the Mumbai branch office of the Company auditedunder Section 143(8) of the Act by branch auditor have been sent to us and have beenproperly dealt with by us in preparing this report;

(d) The Balance sheet the Statement of profit and loss (including other comprehensiveincome) the cash flow statement and the statement of changes in equity dealt with by thisReport are in agreement with the books of account;

(e) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Companies(Indian Accounting Standards) Rules 2015 as amended;

(f) On the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of the Act;

(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"; and

(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 has disclosed the impact of pending litigations on its financialposition in its standalone Ind AS financial statements.

(ii) In our opinion and as per the information and explanations provided to us theCompany has not entered into any long-term contracts including derivative contractsrequiring provision under applicable laws or accounting standards for materialforeseeable losses and

(iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

For L.U.Krishnan& Co.

FRN - 001527S

Chartered Accountants

PK.Manoj

Partner

Membership No.207550

Place : Mumbai

Date : 21st May 2018

"Annexure - A" to the Independent Auditors' Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement' of our report of even due date to the

Standalone Ind AS financial statements of the Company for the year ended 31st March2018:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management at reasonableintervals in accordance with regular programme of verification. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) During the year Inventories has been physically verified by the Management andthere were no material discrepancies were noticed during such verification.

(iii) As informed to us during the year the company has not granted any loans securedor unsecured to companies firms limited liability partnerships or other parties coveredin the register maintained under section 189 of the Companies Act.

(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 investments guarantees and security.

(v) The Company has not accepted any deposits from the public.

(vi) We have broadly reviewed the books of account maintained by the Company pursuantto sub-section (1) of Section 148 of the Companies Act and are of the opinion that primafacie the prescribed accounts and records have been made and maintained.

(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 employees stateinsurance income-tax sales tax value added tax goods and service tax duty of customsservice tax cess and other material statutory dues have been regularly deposited duringthe year by the Company with the appropriate authorities. Further no undisputed amountspayable in respect thereof were outstanding at the year end for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us there are following duesof which have not been deposited on account of dispute and the same being contested by theCompany:

Name of the statute Nature of dues Amount Rupees in lakhs Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 551.09 A.Y 2009-10 Hon'ble High Court of Madras
CST Act 1956 Central Sales Tax 4.67 F.Y. 1993-94 Sales Tax Appellate Tribunal

(viii) During the year Company has not defaulted in repayment of dues toBanks/financial institutions.

(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.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(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 give 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.

(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

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

For L.U.Krishnan& Co.

FRN - 001527S

Chartered Accountants

P.K.Manoj

Partner

Membership No.207550

Place: Mumbai

Date : 21st May 2018

"Annexure - B" to the Independent Auditors' Report of even date of StandaloneInd AS Financial Statements of Prime Urban Development India Limited

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 Prime UrbanDevelopment India Limited ("the Company") as on 31 March 2018 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended 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 Reportingissued 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 company's policies the safeguarding ofits 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 of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. 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 and 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 authorisations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorised 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 on 31 March 2018 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 L.U.Krishnan& Co.

FRN - 001527S

Chartered Accountants

PK.Manoj

Partner

Membership No.207550

Place: Mumbai

Date : 21st May 2018