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PS IT Infrastructure & Services Ltd.

BSE: 505502 Sector: Others
NSE: N.A. ISIN Code: INE953M01033
BSE 00:00 | 12 Dec PS IT Infrastructure & Services Ltd
NSE 05:30 | 01 Jan PS IT Infrastructure & Services Ltd
OPEN 18.20
PREVIOUS CLOSE 18.20
VOLUME 10050
52-Week high 18.20
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 98
Buy Price 19.95
Buy Qty 4700.00
Sell Price 18.20
Sell Qty 1647.00
OPEN 18.20
CLOSE 18.20
VOLUME 10050
52-Week high 18.20
52-Week low 0.00
P/E
Mkt Cap.(Rs cr) 98
Buy Price 19.95
Buy Qty 4700.00
Sell Price 18.20
Sell Qty 1647.00

PS IT Infrastructure & Services Ltd. (PSITINFRA) - Auditors Report

Company auditors report

for the year ended 31st March 2021

To the Members of PS IT Infrastructure & Services Limited

Report on the Audit of the Standalone Ind AS Financial Statements

Opinion

We have audited the accompanying standalone financial statements of PSIT Infrastructure & Services Limited (“the Company”) which comprise theBalance Sheet as at March 31 2021 the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Changes in Equity the Statement of Cash Flows andnotes to the standalone Ind AS financial statements for the year ended on that date anda summary of the significant accounting policies and other explanatory information(hereinafter referred to as “the standalone financial statements”). In ouropinion and to the best of our information and according to the explanations given to usthe aforesaid standalone financial statements give the information required by theCompanies Act 2013 (“the Act”) in the manner so required and give a true andfair view in conformity with the Indian Accounting Standards prescribed under section 133of the Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended(“Ind AS”) and other accounting principles generally accepted in India of thestate of affairs of the Company as at March 31 2021 the profit and total comprehensiveincome changes in equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit of the standalone Ind AS financial statements inaccordance with the Standards on Auditing specified under section 143(10) of the Act(SAs). Our responsibilities under those Standards are further described in theAuditor's Responsibilities for the Audit of the Standalone Ind AS 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 (ICAI) togetherwith the independence requirements that are relevant to our audit of the standalonefinancial statements under the provisions of the Act and the Rules made there under andwe have fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the standalone IndAS financial statements.

Emphasis of Matters

We draw attention to Note 31 to the accompanying financial statementswhich describe management's assessment of uncertainty relating to the effects of theCOVID-19 pandemic on the Company's operations. Due to COVID-19 pandemic and thelockdown and other restrictions imposed by the Government and local administration theaudit processes were carried out based on the necessary records made available by theManagement through digital medium. Our opinion is not modified in respect of this matter.

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

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 Corporate Governance and Shareholder's Informationbut does not include the standalone financial statements and our auditor's reportthereon. Our opinion on the standalone Ind AS financial statements does not cover theother information and we do not express any form of assurance conclusion thereon. Inconnection with our audit of the Ind AS standalone financial statements ourresponsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone Ind AS financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information; we are required to report thatfact. We have nothing to report in this regard.

Management's Responsibility for the Standalone FinancialStatements

The Company's Board of Directors is responsible for the mattersstated in section 134(5) of the Act with respect to the preparation of these standaloneInd AS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) specified under section 133 ofthe Act read with the Companies (Indian Accounting Standards) Rules 2015 as amended.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and the design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error. In preparing the standalone Ind AS financialstatements management is responsible for assessing the Company's ability to continueas a going concern disclosing as applicable matters related to going concern and usingthe going concern basis of accounting unless management either intends to liquidate theCompany or to cease operations or has no realistic alternative but to do so. The Board ofDirectors are responsible for overseeing the Company's financial reporting process.

Key Audit Matters

Key audit matters are those matters that in our professional judgmentwere of most significance in our audit of the financial statements of the current period.These matters were addressed in the context of our audit of the financial statements as awhole and in forming our opinion thereon and we do not provide a separate opinion onthese matters. Based on the circumstances and facts of the audit and entity therearen't key audit matters to be communicated in our report.

Auditor's Responsibilities for the Audit of the StandaloneFinancial Statements

Our objectives are to obtain reasonable assurance about whether thestandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes ouropinion. Reasonable assurance is a high level of assurance but is not a guarantee that anaudit conducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these standalone Ind AS financialstatements. As part of an audit in accordance with SAs we exercise professional judgmentand maintain professional skepticism throughout the audit. We also: Identify and assessthe risks of material misstatement of the standalone financial statements whether due tofraud or error design and perform audit procedures responsive to those risks and obtainaudit evidence that is sufficient and appropriate to provide a basis for our opinion. Therisk of not detecting a material misstatement resulting from fraud is higher than for oneresulting from error as fraud may involve collusion forgery intentional omissionsmisrepresentations or the override of internal controls. Obtain an understanding ofinternal financial controls relevant to the audit in order to design audit procedures thatare appropriate in the circumstances. Under section 143(3)(i) of the Act we are alsoresponsible for expressing our opinion on whether the Company has adequate internalfinancial controls system in place and the operating effectiveness of such controls.Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management. Conclude on theappropriateness of management's use of the going concern basis of accounting andbased on the audit evidence obtained whether a material uncertainty exists related toevents or conditions that may cast significant doubt on the Company's ability tocontinue as a going concern. If we conclude that a material uncertainty exists we arerequired to draw attention in our auditor's report to the related disclosures in thestandalone financial statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's However future events or conditions may cause the Company to cease tocontinue as a going concern. Evaluate the overall presentation structure and content ofthe standalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation. Obtain sufficient appropriate audit evidence regarding thefinancial information of the Company to express an opinion on the standalone financialstatements. Materiality is the magnitude of misstatements in the standalone financialstatements that individually or in aggregate makes it probable that the economicdecisions of a reasonably knowledgeable user of the financial statements may beinfluenced. We consider quantitative materiality and qualitative factors in

(i) planning the scope of our audit work and in evaluating the resultsof our work; and

(ii) to evaluate the effect of any identified misstatements in thefinancial statements. 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.

We also provide those charged with governance with a statement that wehave 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. From the matterscommunicated with those charged with governance we determine those matters that were ofmost significance in the audit of the standalone financial statements of the currentperiod and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. 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 Act we give in the “Annexure A” a statement on thematters specified in paragraphs 3 and 4 of the Order.

2. As required by Section 143(3) of the Act based on our audit wereport 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 have beenkept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss including OtherComprehensive Income Statement of Changes in Equity and the Statement of Cash Flow dealtwith by this Report are in agreement with the relevant books of account.

d) In our opinion the aforesaid standalone financial statements complywith the 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 financial controls overfinancial reporting of the Company with reference to these standalone Ind AS financialstatements and the operating effectiveness of such controls refer to our separate Reportin “Annexure 2” to this report;

g) 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 according tothe explanations given to us:

i. The Company does not have any pending litigation which would impactits financial position in its financial statements except as stated in the Note 31 ofaccompanying financial statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses under theapplicable law or accounting standards;

iii. There were no amounts which were required to be transferred tothe 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 andRegulatory Requirements' section of our report to the Members of PS IT Infrastructure& Services Limited of even date)

i. In respect of its fixed assets:

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

b) The Company has a program of verification to cover all the items offixed assets in a phased manner which in our opinion is reasonable having regard to thesize of the Company and the nature of its assets. Pursuant to the program certain fixedassets were physically verified by the management during the year. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification.

ii. The Company is primarily engaged in financing and investment insecurities debentures and other products.

Accordingly it does not hold any inventories. Thus paragraph 3 (ii)of the Order is not applicable.

iii. According to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms and limitedliability partnerships or other parties covered in the register maintained under section189 of the Companies Act. Accordingly the provisions of clause 3(iii)(a) (b) and (c) ofthe Order are not applicable to the Company.

iv. In our opinion and according to the information and explanationsgiven to us the Company has not given loan to any director in accordance with theprovisions of Section 185 of the Companies Act 2013. The Company has not given any loansor guarantees and being a Non-banking financial company its investments are exemptedunder section 186(11) (b) hence the Company has complied with the provisions of Section185 and 186 of the Act as applicable.

v. In our opinion and according to the information and explanationsgiven to us the Company has not accepted deposits during the year and does not have anyunclaimed deposits as at March 31 2021 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

vi. As informed to us the maintenance of cost records has not beenspecified by the Central Government under section 148(1) of the Companies Act 2013 forthe business activities carried out by the Company. Thus reporting under clause 3(vi) ofthe order is not applicable to the Company.

vii. According to the information and explanations given to us inrespect of statutory dues:

a) The Company has been regular in depositing undisputed statutorydues including Provident Fund Employees' State Insurance Income-tax Goods andService 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 other thanthe followings

Name of the Statue Nature of Dues Disputed Amount Financial Year for which it relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 266155140/- 2012-13 CIT Appeal
Income Tax Act 1961 Income Tax 4835760/- 2013-14 CIT Appeal
Income Tax Act 1961 Income Tax 15018910/- 2014-15 CIT Appeal

There were no undisputed amounts payable in respect of Provident FundEmployees' State Insurance Income-tax Goods and Service Tax and other materialstatutory dues in arrears as at March 31 2021 for a period of more than six months fromthe date they became payable.

b) There are no dues of Goods and Service Tax and Income-tax that hasnot been deposited on account of disputes as on 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 raised moneys by way of initial public offer orfurther public offer (including debt instruments) or term loans and hence reporting underclause 3 (ix) of the Order is not applicable to the Company.

x. Based on the Audit procedures performed for the purpose of reportingthe true 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 themanagerial remuneration has been paid and provided in accordance with the requisiteapprovals mandated by the provisions of Section 197 read with Schedule V of the Act.

xii. In our opinion the Company is not a nidhi company. Therefore theprovisions of Clause 3(xii) of the order are not applicable to the Company and hence notcommented upon.

xiii. According to the information and explanations given to ustransactions with related parties are in compliances with section 177 and 188 of the Actwhere applicable and details have been disclosed in the notes to the financial statementsas required by the applicable accounting standards.

xiv. According to the information and explanations given to us and onoverall examination of Balance Sheet the Company has not made any Preferential Allotmentor private placement of Shares or fully or partly convertible debentures during the yearand hence reporting requirements under clause 3(xiv) are not applicable to the Companyand not commented upon.

xv. In our opinion and according to the information and explanationsgiven to us during the year the Company has not entered into any non-cash transactionswith its Directors or persons connected to its directors and hence provisions of section192 of the Companies Act 2013 are not applicable to the Company.

xvi. According to the information and explanations given to us andbased on our examination of the records of the Company the Company is not required to beregistered under Section 45-IA of the Reserve Bank of India Act 1934.

Annexure “B” to the Independent Auditors' Report

(Referred to in paragraph 2(f) under ‘Report on Other Legal andRegulatory Requirements' section of our report to the Members of PS IT Infrastructure& Services Limited of even date)

Report on the Internal Financial Controls Over Financial Reportingunder Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (“theAct”)

We have audited the internal financial controls over financialreporting of PS IT INFRASTRUCTURE & SERVICES LIMITED (“the Company”) as ofMarch 31 2021 in conjunction with our audit of the standalone financial statements of theCompany for the year ended on that date.

Opinion

We have audited the internal financial controls with reference tofinancial statements of PS IT Infrastructure & Services Limited (“theCompany”) as of 31 March 2021 in conjunction with our audit of the financialstatements of the Company for the year ended on that date. In our opinion the Companyhas in all material respects adequate internal financial controls with reference tofinancial statements and such internal financial controls were operating effectively as at31 March 2021 based on the internal financial controls with reference to financialstatements criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting issued by the Institute of Chartered Accountants of India (the“Guidance Note”).

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India. 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 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 Companies Act 2013.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financialcontrols over financial reporting of the Company based on our audit. We conducted ouraudit in accordance with the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting (the “Guidance Note”) issued by the Institute of CharteredAccountants of India and the Standards on Auditing prescribed under Section 143(10) of theCompanies Act 2013 to the extent applicable to an audit of internal financial controls.Those Standards and the Guidance Note require that we comply with ethical requirements andplan and 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 misstatementof the financial statements whether due to fraud or error. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the internal financial controls system over financial reporting of the Company.

Meaning of Internal Financial Controls with reference to Standalone IndAS financial statements

A Company's internal financial control with reference to thesestandalone Ind AS financial statements is a process designed to provide reasonableassurance regarding the reliability of financial reporting and the preparation offinancial statements for external purposes in accordance with generally acceptedaccounting principles. A Company's internal financial control with reference tofinancial statements includes those policies and 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 asnecessary to permit preparation of standalone Ind AS financial statements in accordancewith generally accepted accounting principles and that receipts and expenditures of theCompany are being made only in accordance with authorizations of management and directorsof the Company; and

(3) provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the Company's assetsthat could have a material effect on the standalone Ind AS financial statements.

Inherent Limitations of Internal Financial Controls with reference toStandalone Ind AS financial statements

Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.

For Mahato Prabir & Associates
Chartered Accountants
ICAI Registration No. 325966E
CA Prabir Mahato
Place: Kolkata Partner
Date: June 23 2021 M. No. 060238

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