To
The Board of Directors
PRISMX GLOBAL VENTURES LIMITED.
Report on Audit of the Standalone Financial Statements Opinion
We have audited the standalone financial statements of Prismx Global
Ventures Limited ("the Company"), which comprise the balance sheet as at March
31, 2023, and the statement of Profit and Loss (including other comprehensive income),
statement of changes in equity as at March 31, 2023 and statement of cash flows for the
year then ended, and a summary of significant accounting policies and other explanatory
information (hereinafter referred to as the "standalone financial statements").
In our opinion and to the best of our information and according to the explanations given
to us, the aforesaid standalone financial statements give the information required by the
Companies Act, 2013 (the "Act") in the manners o required and give a true and
fair view in conformity with the Indian Accounting Standards prescribed under section 133
of the Act read with the Companies (Indian Accounting Standards) Rules, 2015, as amended,
("Ind AS") and other accounting principles generally accepted in India, of the
state of affairs of the Company as at March 31, 2023, the profit and total comprehensive
income, changes in equity and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing
(SAs) specified under section 143(10) of the
Companies Act, 2013. Our responsibilities under those Standards are
further described in the Auditors 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 Companies Act, 2013 and the Rules there under, and we have fulfilled our
other ethical responsibilities in accordance with these requirements and the Code of
Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our audit opinion on the standalone 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 informing our opinion there on, and we do not provide a separate opinion on
these matters. We have determined the matters described below to be the key audit matters
to be communicated in our report.
Key audit matters |
How our audit addressed the key audit
matter |
| Loan given to other as disclosed in note 8 to
the financial Statement. |
As per Management assessment, all loans are
recoverable. |
|
Also, Management has taken
reasonable steps to recover the loan. Hence no provision is created against the same |
Information other than the Financial Statement and Auditors
Report Thereon
The Companys Management and Board of Directors is responsible for
the preparation of the other information. The other information comprises the information
included in the Management discussion and Analysis, Boards Report, Business
Responsibility Report, Corporate Governance and Shareholders information, but does
not include the standalone financial and our auditors report there on.
Our opinion on the standalone 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 standalone financial statements, our responsibility is to
read the other information and, in doing so, consider whether the other information is
materially inconsistent with the standalone 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 material misstatement of this
other information; we are required to report that fact. We have nothing to report in this
regard.
Managements Responsibilities for the Standalone Financial Results
The Companys Board of Directors is responsible for the matters
stated in Section 134(5) of the Companies Act,2013("the Act") with respect to
the preparation of these standalone financial statements that give a true and fair view of
the financial position, and financial performance of the Company in accordance with the
accounting principles generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts)
Rules, 2014. 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 judgments and estimates that are
reasonable and prudent; and 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 Ind. AS financial statements, management is
responsible for assessing the Companys 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
That Board of Directors is also responsible for overseeing the
Companys financial reporting process.
Auditors Responsibilities for the Audit of the Standalone
Financial Results
Our objectives are to obtain reasonable assurance about whether the
standalone financial results as a whole are free from material misstatement, whether due
to fraud or error, and to issue an auditors 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
standalone financial results. 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 standalone financial
results, 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, but not for
the purpose of expressing an opinion on the effectiveness of the companys internal
control.
? Evaluate the appropriateness of accounting policies used and the
reasonableness of accounting estimates and related disclosures made by the Board of
Directors.
? Evaluate the appropriateness and reasonableness of disclosures made
by the Board of Directors in terms of the requirements specified under Regulation 33 of
the Listing Regulations.
? Conclude on the appropriateness of the Board of Directors 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 Companys ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our
auditors report to the related disclosures in the financial results 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 auditors 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
standalone financial results, including the disclosures, and whether the financial results
represent the underlying transactions and events in a manner that achieves fair
presentation.
? Obtain sufficient appropriate audit evidence regarding the Standalone
Financial Results of the Company to express an opinion on the Standalone Financial
Results.
Materiality is the magnitude of misstatements in the Standalone
Financial Results that, individually or in aggregate, makes it probable that the economic
decisions of a reasonably knowledgeable user of the Standalone Financial Results 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 Standalone Financial Results.
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.
Report on Other Legal and Regulatory Requirements
1. 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 of our knowledge and belief were necessary for the purpose so for 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 Balance Sheet, the Statement of Profit and Loss including Other
Comprehensive Income, Statement of Changes in Equity and the Statement of Cash Flows dealt
with by this Report are in agreement with the relevant books of account
d) In our opinion, the aforesaid standalone financial statements comply
with the Ind AS specified under Section 133 of the Act.
e) On the basis of the written representations received from the
directors as on March 31, 2023 taken on record by the Board of Directors, none of the
directors is disqualified as on March 31, 2023 from be in gap pointed as a director in
terms of Section 164(2) of the Act.
f) 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 A". Our report expresses an unmodified
opinion on the adequacy and operating effectiveness of the Companys internal
financial controls over financial reporting.
g) With respect to the other matters to be included in the
Auditors Report in accordance with the requirements of section 197(16) of the Act,
as amended:
In our opinion and to the best of our information and according to the
explanations given to us, no remuneration has been paid by the Company to its directors
during the year.
h) With respect to the other matters to be included in the
Auditors 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 to the explanations given to us:
i. The Company has disclosed the impact of pending litigations on its
financial position in its standalone financial statements.
ii. The Company has made provision, as required under the applicable
law or accounting standards, for material foreseeable losses, if any, on long-term
contracts including derivative contracts;
iii. There has been no delay in transferring amounts, required to be
transferred, to the Investor Education and Protection Fund by the Company and its
subsidiary companies incorporated in India.
iv. (a) The Management has represented that, to the best of its
knowledge and belief, as disclosed in note 19 to the financial statements no funds 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 person(s) or entity
(ies), 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 by or on behalf
of the Company (Ultimate Beneficiaries) or provide any guarantee, security or the like on
behalf of the Ultimate Beneficiaries.
(b) The Management has represented, that, to the best of its
knowledge and belief, as disclosed in the note 19 to the financial statements, no funds
have been received by the Company from any person(s) or entity (ies), 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 by or on behalf of the Funding Party
(Ultimate Beneficiaries) or provide any guarantee, security or the like on behalf of the
Ultimate Beneficiaries.
(c) Based on the audit procedures performed that have been 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), as provided under (a) and (b) above, contain any material
misstatement.
v) The Company has not declared or paid any dividend during the current
year.
vi) Proviso to Rule 3(1) of the Companies (Accounts) Rules, 2014 for
maintaining books of account using accounting software which has a feature of recording
audit trail (edit log) facility is applicable to the Company with effect from April 1,
2023, and accordingly, reporting under Rule 11(g) of Companies (Audit and Auditors) Rules,
2014 is not applicable for the financial year ended March 31, 2023.
2. As required by the Companies (Auditors Report) Order, 2016
("the Order") issued by the Central Government in terms of Section 143(11) of
the Act, we give in "Annexure B" a statement on the matters specified in
paragraphs 3 and 4 of the
Order.
ForDassani & Associates
Chartered Accountants
Firm Registration No.:009096C Sd/-
CA. Churchill Jain Partner Membership No.: 409458 UDIN:23409458BGWLBO3209
Place: Indore Date: 30 May, 2023
ANNEXURE "A" TO THE INDEPENDENT AUDITORS REPORT OF EVEN
DATE ON THE STANDALONE FINANCIAL STATEMENTS OF PRISMX GLOBAL VENTURES LIMITED
Report on the Internal Financial Controls under Clause (i) of
Sub-section 3 of Section 143 of the Companies Act, 2013("the Act") We have
audited the internal financial controls over financial reporting of Prismx Global Ventures
Limited ("the Company") as of March 31, 2023 in conjunction with our audit of
the standalone financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys management is responsible for establishing and
maintaining internal financial controls based on the internal control over financial
reporting criteria established by the Company considering the essential components of
internal control stated in the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting issued by the Institute of Chartered Accountants of India. These
responsibilities include the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the orderly and efficient
conduct of its business, including adherence to companys policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Companies Act, 2013.
Auditors Responsibility
Our responsibility is to express an opinion on the Companys
internal financial controls over financial reporting based on our audit. We conducted our
audit in accordance with the Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the "Guidance Note") and the Standards on Auditing, issued
by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to
the extent applicable 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 168 Note require that we comply
with ethical requirements and plan and perform the audit to obtain reasonable assurance
about whether adequate internal financial controls over financial reporting was
established and maintained and if such controls operated effectively in all material
respects. Our audit involves performing procedures to obtain audit evidence about the
adequacy of the internal financial controls system over financial reporting and their
operating effectiveness. Our audit of internal financial controls over financial reporting
included obtaining an understanding of internal financial controls over financial
reporting, assessing the risk that a material weakness exists, and testing and evaluating
the design and operating effectiveness of internal control based on the assessed risk. The
procedures selected depend on the auditors judgment, including the assessment of the
risks of material misstatement of the financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls
system over financial reporting.
Meaning of Internal Financial Controls Over Financial Reporting.
A companys internal financial control over financial reporting is
a process designed to provide reasonable assurance regarding the reliability of financial
reporting and the preparation of financial statements for external purposes in accordance
with generally accepted accounting principles. A companys internal financial control
over financial reporting includes those policies and procedures that: (1) Pertain to the
maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (2) Provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial
statements in accordance with generally accepted accounting principles, and that receipts
and expenditures of the company are being made only in accordance with authorizations of
management and directors of the company; and (3) Provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial
Reporting
Because of the inherent limitations of internal financial controls over
financial reporting, including the possibility of collusion or Improper management
override of controls, material misstatements due to error or fraud may occur and not be
detected. Also, projections of any evaluation of the internal financial controls over
financial reporting to future periods are subject to the risk that the internal financial
control over financial reporting may be come inadequate because of changes in conditions,
or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate
internal financial controls system over financial reporting and such internal financial
controls over financial reporting were operating effectively as at March 31, 2023, based
on the internal control over financial reporting criteria established by the Company
considering the essential components of internal control stated in the Guidance Note on
Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
For Dassani & Associates
Chartered Accountants
Firm Registration No.:009096C Sd/-
CA. Churchill Jain Partner Membership No.: 409458 UDIN:23409458BGWLBO3209
Place: Indore Date: 30 May, 2023
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT
In terms of the information and explanations sought by us and given by
the Company and the books of account and records examined by us in the normal course of
audit and to the best of our knowledge and belief, we state that:
i. (a) As the Company does not hold any property, plant and equipment
and hence reporting under clause 3(i)(a)(A); 3(i)(b) and 3(i)(c) of the Order is not
applicable. (b) The company has maintained proper records showing full particulars of
Intangible Assets.
ii. (a) The Company does not have any inventory and hence reporting
under clause 3(ii)(a) of the Order is not applicable.
(b) According to the information and explanations given to us, at any
point of time of the year, the Company has not been sanctioned any working capital
facility from banks or financial institutions and hence reporting under clause (ii)(b) of
the Order is not applicable.
iii. The Company has made investments in and granted loans or advances
in the nature of loans, secured or unsecured, to companies, firms, Limited Liability
Partnerships and other parties during the year
(a) Company has provided loans or provided advances in the nature of
loans, or stood guarantee, or provided security to any other entity. Details are mentioned
below:
| Particulars |
Amount in Lakhs |
| Loan outstanding as at the balance sheet date |
2359.75 |
(b) The investments made, guarantees provided, security given and the
terms and conditions of thegrant of all loans and advances in the nature of loans and
guarantees provided are not prejudicial to the companys interest.
(c) In respect of loans granted by the Company, the schedule of
repayment of principal and payment of interest has been stipulated and repayment are
regular
(d) In respect of following loan granted by the Company, there is no
overdue amount in terms of principal and interest
(e) No loan or advance in the nature of loan granted by the Company
which has fallen due during the year, has been renewed or extended or fresh loans granted
to settle the overdues of existing loans given to the same parties.
(f) According to information and explanations given to us and based on
the audit procedures performed, the Company has not granted any loans or advances in the
nature of loans either repayable on demand or without specifying any terms or period of
repayment during the year. Hence, reporting under clause (iii)(f) is not applicable.
iv. The Company has complied with the provisions of Sections 185 and
186 of the Companies Act, 2013 in respect of loans granted, investments made and
guarantees and securities provided, as applicable
v. The Company has not accepted any deposit or amounts which are deemed
to be deposits. Hence, reporting under clause (v) of the Order is not applicable.
vi. Having regard to the nature of the Companys business /
activities, reporting under clause (vi) of the Order, regarding maintenance of cost
records is not applicable.
vii. In respect of statutory dues:
a). According to the records of the company, the company is regular in
depositing with appropriate authorities undisputed statutory dues including provident
fund, employees state insurance, income tax, sales tax, service tax, custom duty,
excise duty, value added tax, cess and other statutory dues applicable to it.
b). According to the records of the company, there are no dues of sales
tax, service tax, custom duty, excise duty or value added tax on account of any dispute.
viii. There were no transactions relating to previously unrecorded
income that were surrendered or disclosed as income in the tax assessments under the
Income Tax Act, 1961 (43 of 1961) during the year.
ix. (a) The Company has taken any loans or other borrowings from any
lender. Hence reporting under clause (ix)(a) are as following:
Particulars |
Amount in Lakhs |
| Balance outstanding of Borrowings as on 31st
March |
124.8 |
| 2023. |
|
(b) The Company has not been declared wilful defaulter by any bank or
financial institution or government or any government authority. (c) The Company has not
taken any term loan during the year and there are no unutilized term loans at the
beginning of the year and hence, reporting under clause (ix)(c) of the Order is not
applicable.
(d) On an overall examination of the financial statements of the
Company, funds raised on short-term basis have, prima facie, not been used during the year
for long-term purposes by the Company.
(e) The company has not taken any funds from any entity or person on
account of or to meet the obligations of its subsidiaries, associates or joint ventures.
(f) The company has not raised loans during the year on the pledge of
securities held in its subsidiaries, joint ventures or associate companies.
x. (a) The Company has issued its securities (including debt
instruments) during the year as per Note no. 14.
(b) During the year the Company has not made any preferential allotment
or private placement of shares or convertible debentures (fully or partly or optionally)
and hence reporting under clause (x)(b) of the Order is not applicable.
xi. (a) To the best of our knowledge, no fraud by the Company and no
material fraud on the Company has been noticed or reported during the year.
(b) To the best of our knowledge, no report under sub-section (12) of
section 143 of the Companies Act has been filed in Form ADT-4 as prescribed under rule 13
of Companies (Audit and Auditors) Rules, 2014 with the Central Government, during the year
and upto the date of this report.
(c) As represented to us by the Management, there were no whistle
blower complaints received by the Company during the year.
xii. The Company is not a Nidhi Company and hence reporting under
clause (xii) of the Order is not applicable.
xiii. In our opinion and according to the information and explanation
given to us, the Company is in compliance with Section 177 and 188 of the Act, for all
transactions with the related parties and the details of related party transactions have
been disclosed in the financial statements as required by the applicable accounting
standards.
xiv. (a) According to information and explanation given to us, the
company has an internal audit system commensurate with the size and nature of its
business;
(b). The reports of the Internal Auditors for the period under audit
were considered by the us.
xv. In our Opinion, during the year the Company has not entered into
any non-cash transactions with its directors or persons connected with them and hence
provisions of section 192 of Companies Act are not applicable to the Company.
xvi. (a)the company is not required to be registered under section
45-IA of the Reserve Bank of India Act, 1934 (2 of 1934).
(b) The Group does not have any Core Investment Company (CIC) as part
of the Group and accordingly clause (xvi)(d) of the Order is not applicable to the
Company.
xvii. The Company has not cash losses during the financial year covered
by our audit and in the immediately preceding financial year.
xviii. There has been no resignation of the statutory auditors of the
Company during the year. xix. On the basis of the financial ratios, ageing and expected
dates of realization of financial assets and payment of financial liabilities, other
information accompanying the financial statements and our knowledge of the Board of
Directors and Management plans and based on our examination of the evidence supporting the
assumptions, nothing has come to our attention, which causes us to believe that any
material uncertainty exists as on the date of the audit report indicating that Company is
not capable of meeting its liabilities existing at the date of balance sheet as and when
they fall due within a period of one year from the balance sheet date. We, however, state
that this is not an assurance as to the future viability of the Company. We further state
that our reporting is based on the facts up to the date of the audit report and we neither
give any guarantee nor any assurance that all liabilities falling due within a period of
one year from the balance sheet date, will get discharged by the Company as and when they
fall due.
xx. The Company was not having net worth of rupees five hundred crore
or more, or turnover of rupees one thousand crore or more or a net profit of rupees five
crore or more during the immediately preceding financial year and hence, provisions of
Section 135 of the Act are not applicable to the Company during the year. Accordingly,
reporting under clause 3(xx) of the Order is not applicable for the year.
xxi. The company has made investments in subsidiary company. Therefore,
the company require to prepare consolidated financial statement.
For Dassani & Associates
Chartered Accountants
Firm Registration No.:009096C
Sd/-
CA. Churchill Jain Partner Membership No.: 409458
UDIN:23409458BGWLBO3209
Place: Indore
Date: 30 May, 2023
+91-9892691696
