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Prime Urban Development India Ltd.

BSE: 521149 Sector: Industrials
NSE: N.A. ISIN Code: INE419E01024
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NSE 05:30 | 01 Jan Prime Urban Development India Ltd
OPEN 6.28
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VOLUME 1187
52-Week high 11.75
52-Week low 5.60
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 6.28
CLOSE 6.00
VOLUME 1187
52-Week high 11.75
52-Week low 5.60
P/E
Mkt Cap.(Rs cr) 16
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

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

Company auditors report

To the Members of Prime Urban Development India Ltd.

Report on the Audit of the Standalone Financial Statements

Opinion:

1. We have audited the accompanying financial statements of Prime UrbanDevelopment India Ltd (the "Company") which comprise the Balance Sheet as at31st March 2021 the Statement of Profit and Loss (including Other Comprehensive Income)Statement of Changes in Equity and the Statement of cashflows for the year then ended andnotes to the financial statements including a summary of the significant accountingpolicies and other explanatory information. (hereinafter referred to as "Standalonefinancial statements").

2. In our opinion and to the best of our information and according tothe explanations given to us the aforesaid Standalone financial statements for the yearended 31st March 2021 give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in India of the state of affairs of the company as at 31st March 2021 andloss changes in equity and its cash flows for the year ended on that date.

Basis for Opinion:

3. We conducted our audit in accordance with the Standards on Auditing(SAs) specified under section 143(10) of the Companies Act 2013. Our responsibilitiesunder those Standards are further described in the Auditor's Responsibilities for theAudit of the Financial Statements section of our report. We are independent of the Companyin accordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of theStandalone financial statements under the provisions of the Companies Act 2013 and theRules thereunder and we have fulfilled our other ethical responsibilities in accordancewith these 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.

Key Audit Matters:

4. Key audit matters are those matters that in our professionaljudgment were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in the context of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.

We have determined that there are no key audit matters to communicatein our report.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

5. The Company's Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board's Report includingAnnexures to Board's Report Business Responsibility Report Corporate Governance andShareholder's Information but does not include the standalone financial statementsand our auditor's report thereon.

6. Our opinion on the standalone financial statements does not coverthe other information and we do not express any form of assurance conclusion thereon.

7. In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.

Management's Responsibility for the Standalone FinancialStatements:

8. The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 ("the Act") with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance changes in equity and cash flows in accordancewith the accounting principles generally accepted in India including the IndianAccounting Standards (Standalone) specified under section 133 of the Act read withCompanies (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 judgements and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of accounting recordsrelevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.

9. In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

10. The Board of Directors are also responsible for overseeing theCompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone FinancialStatements:

11. Our objectives are to obtain reasonable assurance about whether thefinancial 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. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.

12. As part of an audit in accordance with SAs we exerciseprofessional judgment and maintain professional scepticism throughout the audit. We also:

(i) Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit proceduresresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.

(ii) Obtain an understanding of internal control relevant to the auditin order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)0 of the Companies Act 2013 we are also responsible for expressing ouropinion on whether the Company has adequate internal financial controls system in placeand the operating effectiveness of such controls.

(iii) Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

(iv) 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'sreport to the related disclosures in the 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 report. However future events or conditionsmay cause the Company to cease to continue as a going concern.

(v) Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

13. Materiality is the magnitude of misstatements in the Standalonefinancial statements that individually or in aggregate makes it probable that theeconomic decisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in (i) planningthe scope of our audit work and in evaluating the results of our work; and (ii) toevaluate the effect of any identified misstatements in the financial statements.

14. We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

15. We also provide those charged with governance with a statement thatwe have complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

16. From the matters communicated with those charged with governancewe determine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor's report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.

Report on Other Legal and Regulatory Requirements:

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

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss (IncludingOther Comprehensive Income) Statement of Changes in Equity and the Statement of Cash Flowdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Standalone financial statementscomply with the Indian Accounting Standards specified under Section 133 of the Act readwith the Companies (Indian Accounting Standards) Rules 2015 as amended.

(e) On the basis of written representations received from the directorsas on 31st March 2021 taken on record by the board of directors none of the directors aredisqualified as on 31st March 2021 from being appointed as directors in terms of section164(2) of the Act.

(f) With respect to the adequacy of the Internal Financial Controlswith reference to financial statements of the Company and the operating effectiveness ofsuch controls refer to our separate report in "Annexure A". Our reportexpresses an unmodified opinion on the adequacy and operating effectiveness of theCompany's internal financials controls with reference to financial statements.

(g) In our opinion according to the information and explanations givento us and based on our examination of the records of the company the Company haspaid/provided for managerial remuneration for the year ended on March 31 2021 haspaid/provided by the Company to its directors in accordance with the provisions of thesection 197 of the Act read with Schedule V to the Act.

(h) With respect to the other matters to be included in theAuditor'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 our information and accordingto the explanations given to us:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone financial statements.

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

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

(i) With respect to the other matters to be included in theAuditor's Report in accordance with the requirements of section 197(16) of the Actas amended:

In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act.

18. 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 of the Companies Act 2013 we give in "Annexure - B" astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.

</tr>
For L.U.Krishnan & Co.
Chartered Accountants
FRN - 001527S
P.K.Manoj
Place: Chennai Partner
Date: 22.06.2021 Membership No.207550
UDIN: 21207550AAAAEO2732

Annexure - A to the Independent Auditors' Report

Report on the Internal Financial Controls under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls with reference tofinancial statements of Prime Urban Development India Ltd ("the Company") as at31st March 2021 in conjunction with our audit of the financial statements of the Companyfor the year ended and as at on that date.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control with reference tofinancial statements 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 (‘ICAI'). These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection offrauds and errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls with reference to financial statements based on our audit. We conductedour audit in accordance with the Guidance Note on Audit of Internal Financial Controlsover Financial Reporting (the "Guidance Note") and the Standards on Auditingissued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls and both issuedby the Institute of Chartered Accountants of India. Those Standards and the Guidance Noterequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether adequate internal financial controls with reference tofinancial statements was established and maintained and if such controls operatedeffectively in all material respects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system with reference to financialstatements and their operating effectiveness. Our audit of internal financial controlswith reference to financial statements included obtaining an understanding of internalfinancial controls with reference to financial statements assessing the risk that amaterial weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internalfinancial controls system with reference to financial statements.

Meaning of Internal Financial Controls with reference to financialstatements.

A company's internal financial control with reference to financialstatements is a process designed to provide reasonable assurance regarding the reliabilityof financial reporting and the preparation of financial statements for external purposesin accordance with generally accepted accounting principles. A company's internalfinancial control with reference to financial statements includes those policies andprocedures 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 financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of management and directors of the company; and (3)provide reasonable assurance regarding prevention or timely detection of unauthorizedacquisition use or disposition of the company's assets that could have a material effecton the financial statements.

Inherent Limitations of Internal Financial Controls with reference tofinancial statements.

Because of the inherent limitations of internal financial controls withreference to financial statements including the possibility of collusion or impropermanagement override of controls material misstatements due to error or fraud may occurand not be detected. Also projections of any evaluation of the internal financialcontrols with reference to financial statements to future periods are subject to the riskthat the internal financial control with reference to 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 an adequateinternal financial controls system with reference to financial statements and suchinternal financial controls with reference to financial statements were operatingeffectively as at 31st March 2021 based on the internal control with reference tofinancial statements 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.

For L.U.Krishnan & Co.
Chartered Accountants
FRN - 001527S
P.K.Manoj
Place: Chennai Partner
Date: 22.06.2021 Membership No.207550
UDIN: 21207550AAAAEO2732

Annexure - B to the Independent Auditors' Report

(Referred to in paragraph 16 under ‘Report on Other Legal andRegulatory Requirements' section of our report)

The Annexure referred to in Independent Auditors' Report to themembers of the Company on the Standalone financial statements for the year ended 31 March2021 we report that:

(i) In respect of the Company's fixed assets

(a) The Company has maintained proper records showing full particularsincluding quantitative details and situation of Property Plant and Equipment.

(b) The Management has not conducted any physical verification of fixedassets during the year. However the Company has the program of physical verification offixed assets at reasonable intervals of time and to deal with material discrepanciesidentified on such verification.

(c) According to the information and explanations given to us and onthe basis of our examination of the records of the Company the title deeds of immovableproperties are held in the name of the Company. In Respect of immovable properties beentaken on lease and disclosed as property plant and equipment in the Standalone financialstatements the lease agreements in the name of the company.

(ii) The activities of the Company did not involve purchase ofinventory and sale of goods during the year and accordingly Clause (ii) of the paragraph 3of the Order is not applicable to the Company for the year.

(iii) According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to any company firm LimitedLiability Partnership or other parties listed in the register maintained under section189 of the Companies Act 2013 (‘the Act'). Accordingly clauses from (iii) (a)to (iii) (c) of paragraph 3 of the Order is not applicable to the Company.

(iv) In our opinion and according to the information and explanationsgiven to us the Company has no loans investments guarantee and security which meets therequirements of section 185 and 186 of the Act.

(v) According to the information and explanations given to us theCompany has not accepted deposits and does not have any unclaimed deposits within themeaning of Section 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules2014 (as amended). Accordingly the provisions of the clause 3 (v) of the Order are notapplicable.

(vi) The Central Government has not prescribed the maintenance of costrecords under section 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 andaccording to the records as produced and examined by us in our opinion the Company isregular is in depositing with appropriate authorities the undisputed statutory duesincluding income tax sales tax service tax value added tax goods and service taxcustoms duty excise duty cess and other material statutory dues applicable to it andthere are no arrears of outstanding statutory dues as at 31st March 2021 for a period ofmore than six months form date they become payable.

b) According to the information and explanations given to us therewere no dues in respect of income tax sales tax service tax value added tax goods andservice tax customs duty excise duty cess and other material statutory dues which havenot been deposited on account of dispute except for the below:

Name of the Statute Nature of Dues Amount (Rs in Lakhs) Period for which the amount Relates Forum where Dispute is pending
Income Tax Act1961 Income Tax 517.40 A.Y. 2009-10 Hon'ble High Court of Madras

(viii) According to the information and explanations given by themanagement we are of the opinion that the Company has not defaulted in repayment of duesto a financial institution bank and government. The Company has not issued anydebentures during the year and does not have any outstanding dues in respect of debentureholders.

(ix) The Company did not raise any money by way of initial public offeror further public offer (including debt instruments) and term loans during the year.Accordingly paragraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no fraudby the Company or on the Company by its officers or employees has been noticed or reportedduring our audit.

(xi) According to the information and explanations given to us andbased on our examination of the records of the company the Company has paid/provided formanagerial remuneration in accordance with the requisite approvals mandated by theprovisions of the section 197 of the Act read with Schedule V to the Act.

(xii) In our opinion and according to the information and explanationsgiven to us the Company is not a Nidhi company. Accordingly paragraph 3(xii) of theOrder is not applicable.

(xiii) According to the information and explanations given to us andbased on our examination of the records of the Company transactions with the relatedparties are in compliance with sections 177 and 188 of the Act where applicable anddetails of such transactions have been disclosed in the financial statements as requiredby the applicable accounting standards.

(xiv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not made anypreferential allotment or private placement of shares of fully or partly convertibledebentures during the year.

(xv) According to the information and explanations given to us andbased on our examination of the records of the Company the Company has not entered intonon-cash transactions with directors or persons connected with him. Accordingly paragraph3(xv) of the Order is not applicable.

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

For L.U.Krishnan & Co.
Chartered Accountants
FRN - 001527S
PK.Manoj
Place: Chennai Partner
Date: 22.06.2021 Membership No.207550
UDIN: 21207550AAAAEO2732

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