We have audited the accompanying financial statements of Premier Capital Services
Limited ("the Company”) which has its registered office at 4, Bhima Vaitarna
Complex, Sir Pochkhanwala Road, Worli Mumbai, Mumbai city ,Maharashtra -
400030 , which comprise the balance sheet as at March 31, 2025 and the
Statement of Profit and Loss, Statement of changes in equity and Statement of Cash
Flows for the year then ended March 31 2025, and notes to the financial statements,
including a summary of material accounting policies and other explanatory
information.
In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid financial statements give the information required by the
Companies Act, 2013 ("the Act”) in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2025 its loss and cash flows for the
year ended on that date.
Basis for opinion
We conducted our audit in accordance with the standards on auditing specified
under section 143(10) of the Companies Act, 2013. Our responsibilities under those
Standards are further described in the auditor’s responsibilities for the audit of the
financial statements section of our report. We are Independent of the Company in
accordance with the code of ethics issued by the Institute of Chartered Accountants
of India together with the ethical requirements that are relevant to our audit of the
financial statements under the provisions of the Act and the rules thereunder, and we
have fulfilled our other ethical responsibilities in accordance with these requirements
and the code of ethics. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our opinion on the Financial
Statements.
Key audit matters
Key audit matters are those matters that, in our professional judgment, were 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 a
whole, and in forming our opinion thereon, and we do not provide a separate opinion
on these matters. We have determined that there are no key audit matters to
communicate in our report.
Information other than the financial statements and auditors’ report thereon
The Company’s board of directors is responsible for the preparation of the other
information. The other information comprises the information included in the Board’s
Report including Annexures to Board’s Report, Business Responsibility Report but
does not include the financial statements and our auditor’s report thereon.
Our opinion on the financial statements does not cover the other information and we
do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained
during the course of our audit or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information we are required to communicate the matter
with those charged with governance and take appropriate action. We have nothing to
report in this regard.
Management’s responsibility for the financial statements
The Company’s Board of Directors is responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these Financial Statements that
give a true and fair view of the financial position, financial performance including
other comprehensive income, cash flows and changes in equity of the Company in
accordance with the accounting principles generally accepted in India, including the
Indian Accounting Standards (Ind AS) specified under Section 133 of the Act read
with the Companies (Indian Accounting Standards) Rules, 2015, as amended. This
responsibility also includes maintenance of adequate accounting records in
accordance with the provisions of the Act for safeguarding of the assets of the
Company and for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgements and
estimates that are reasonable and prudent; and the design, implementation and
maintenance of adequate internal financial controls, that were operating effectively
for ensuring the accuracy and completeness of the accounting records, relevant to
the preparation and presentation of the Financial Statements that give a true and fair
view and are free from material misstatement, whether due to fraud or error. In
preparing the Financial Statements, management is responsible for assessing the
Company’s ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has
no realistic alternative but to do so. Those Board of Directors are also responsible for
overseeing the Company’s financial reporting process.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial
statements as a whole are free from material misstatement, whether due to fraud or
error, and to issue an auditor’s report that includes our opinion. Reasonable
assurance is a high level of assurance, but is not a guarantee that an audit
conducted in accordance with SAs will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the
economic decisions of users taken on the basis of these financial statements. As
part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the financial
statements, whether due to fraud or error, design and perform audit
procedures responsive to those risks, and obtain audit evidence that is
sufficient and appropriate to provide a basis for our opinion. The risk of not
detecting a material misstatement resulting from fraud is higher than for one
resulting from error, as fraud may involve collusion, forgery, intentional
omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under
section 143(3)(i) of the Companies Act, 2013, we are also responsible for
expressing our opinion on whether the company has adequate internal
financial controls system in place and the operating effectiveness of such
controls.
• Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by
management.
• Conclude on the appropriateness of management’s use of the going concern
basis of accounting and, based on the audit evidence obtained, whether a
material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If
we conclude that a material uncertainty exists, we are required to draw
attention in our auditor’s report to the related disclosures in the financial
statements or, if such disclosures are inadequate, to modify our opinion. Our
conclusions are based on the audit evidence obtained up to the date of our
auditor’s report. However, future events or conditions may cause the
Company to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the financial
statements, including the disclosures, and whether the financial statements
represent the underlying transactions and events in a manner that achieves
fair presentation.
Materiality is the magnitude of misstatements in the financial statements that,
individually or in aggregate, makes it probable that the economic decisions of a
reasonably knowledgeable user of the financial statements may be 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.
We communicate with those charged with governance regarding, among other
matters, the planned scope and timing of the audit and significant audit findings,
including any significant deficiencies in internal control that we identify during our
audit.
We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to
communicate with them all relationships and other matters that may reasonably be
thought to bear on our independence, and where applicable, related safeguards.
From the matters communicated with those charged with governance, we determine
those matters that were of most significance in the audit of the financial statements
of the current period and are therefore the key audit matters. We describe these
matters in our auditor’s report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, we determine that a
matter should not be communicated in our report because the adverse
consequences of doing so would reasonably be expected to outweigh the public
interest benefits of such communication.
Report on other legal and regulatory requirements
i. As required by the Companies (Auditor’s Report) Order, 2020 ("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 the Annexure “A”, a statement on the matters
specified in paragraphs 3 and 4 of the Order, to the extent applicable.
ii. As required by Section 143(3) of the Act, we report that:
a. We have sought and obtained all the information and explanations which to the
best of 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
the Company so far as it appears from our examination of those books;
c. The company has informed that it has no operational branch which requires
Audit u/s 143 (8) of the Act;
d. The balance sheet, the statement of profit and loss (including OCI), the
statement of changes in equity and the cash flow statement dealt with by this
report are in agreement with the books of account maintained for the purpose of
Financial Statement.
e. In our opinion, the aforesaid financial statements comply with the Ind AS
specified under section 133 of the Companies Act 2013 read with Companies
(Indian Accounting Standards) rules , 2015.
f. On the basis of the examination of the Books of Account and other records
shown to us for the purpose of the Audit and other such documents asked
during the course of the audit, the auditor has no observation or adverse
comment (apart from those mentioned in the relevant paras if any, on the
financial transactions or matters which may have any adverse effect on the
functioning of the company)
g. On the basis of the written representations received from the directors as on
March 31, 2025 taken on record by the board of directors, none of the directors
is disqualified as on March 31, 2025 from being appointed as a director in terms
of Section 164 (2) of the Act;
h. On the basis of the examination of the Books of Account and other records
shown to us for the purpose of the Audit and other such documents asked
during the course of the Audit, we found no material reason to report any
qualification, reservation or adverse remark relating to the maintenance of
accounts and other matters connected therewith, apart from the matters already
mentioned in the relevant paras if any.
i. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effectiveness of such controls, refer
to our separate Report in Annexure “B”; and
iii. With respect to the other matters to be included in the Auditor’s Report in
accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in
our opinion and to the best of our information and according to the explanations
given to us;
a) The Company has disclosed the impact of pending litigations on its financial
position in its financial statements (Refer Note No. 22)
b) The Company did not have any long-term contracts including derivative
contracts for which there were any material foreseeable losses; and
c) There were no amounts which were required to be transferred, to the
Investor Education and Protection Fund by the Company.
d) (i)The management has represented that, to the best of its knowledge and
belief, as disclosed in the standalone accounts, no funds (which are material
either individually or in aggregate) have been advanced or loaned or invested
(either from borrowed funds or share premium or any other sources or kind of
funds) by the Company to or in any other persons or entities, including foreign
entities ("Intermediaries”), with the understanding, whether recorded in writing or
otherwise, that the Intermediary shall:
• Directly or indirectly lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries”) by or on behalf of the Company or
• provide any guarantee, security or the like to or on behalf of the Ultimate
Beneficiaries.
ii) The management has represented, that, to the best of its knowledge and
belief, as disclosed in the standalone accounts, no funds (which are material
either individually or in aggregate) have been received by the Company from
any persons or entities, including foreign entities ("Funding Parties”), with the
understanding, whether recorded in writing or otherwise, that the Company
shall:
• Directly or indirectly, lend or invest in other persons or entities identified in any
manner whatsoever ("Ultimate Beneficiaries”) by or on behalf of the Funding
Party or
• provide any guarantee, security or the like from or on behalf of the Ultimate
Beneficiaries.
iii) Based on such audit procedures as considered reasonable and appropriate in
the circumstances, nothing has come to our notice that has caused us to
believe that the representations under sub-clause (i) and (ii) of rule 11 (e) contain
any material misstatement
e) The Company has not declared or paid any dividend during the year and until
the date of this report.
f) Based on our examination in respect of financial year commencing on 1 April
2024, as proviso to rule 3(1) of the companies (Accounts) Rules, 2014,
company has used accounting software for maintaining its books of account
which do not have the feature of recording audit trail (edit log) facility.
iv. With respect to the matter to be included in the Auditors’ Report under
section 197(16) of the Act, as amended:
i. In our opinion and according to the information and explanations given
to us, no remuneration is paid by the Company to its managing director
during the year.
Unique Document Identification Number (UDIN) for this document is UDIN:
25436593BMJ HU K6487
For S P A R K & Associates Chartered Accountants LLP
Chartered Accountants
Firm Reg No. 005313C/C400311
Sd-
CA Chandresh Singhvi
Partner
Membership No. 436593
Mumbai
Date: May 24,2025
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