We have audited the accompanying standalone financial
statements of M/s Premier Energy & Infrastructure Limited
(‘the Company’), which comprise the Balance sheet as at
31st March 2025, the Statement of Profit and Loss (including
Other Comprehensive Income), the Statement of Changes
in Equity, the Statement of Cash Flows ended on that
date, and notes to the standalone financial statements,
including 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 usr-the aforesaid
standalone 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 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, 2025, and its profit, total comprehensive
income, changes in equity and its cash flows for the year
ended on that date.
Accounts Prepared on the basis of Going Concern
We draw attention to note No. 32 of the Standalone
Financial Results which indicates that the company has
taken steps to revive the Business. Further the listing of
the shares of the company in Bombay Stock Exchange
is restored.
The Ind AS Financial Statements of the Company have
been prepared on a Going Concern basis.
We conducted our audit of the standalone financial
statements in accordance with the Standards on Auditing
(‘SAs’) specified under section 143(10) of the Act.
Our responsibilities under those standards are further
described in the Auditor’s Responsibilities for the Audit of
the Statement 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
(‘the ICAI’) 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 ICAI’s Code of Ethics. We
believe that the audit evidence obtained by us, is sufficient
and appropriate to provide a basis for our 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
standalone financial statements for the financial year ended
31st March 2025. These matters were addressed in the
context of our audit of standalone financial statements as
a whole, and in forming our opinion thereon, and we do not
provide a separate opinion on these matters.
Information other than the Financial Statements and
Auditor’s Report thereon
The Company’s Board of Directors is responsible for the
other information. The other information comprises the
information included in the Management Discussion and
Analysis, Board’s Report including Annexures to Board’s
Report, Business Responsibility Report, Corporate
Governance and Shareholder’s Information, but does not
include the consolidated financial statements, standalone
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 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
a material misstatement of this other information, we are
required to report that fact. We have nothing to report in
this regard.
Responsibilities of Management and Those Charged
with Governance for the Standalone 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
Indian Accounting Standards (Ind AS) prescribed under
section 133 of the Act read with the Companies (Indian
Accounting Standards) Rules, 2015 and Companies (Indian
Accounting Standards) Rules, 2016, as amended from
time to time, and other accounting principles generally
accepted in India.
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 statement 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.
The board of directors are also responsible for overseeing
the Company’s financial reporting process.
Auditor’s Responsibilities for the Audit of the
standalone financial Statement
Our objectives are to obtain reasonable assurance about
whether the Statement as a whole is 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 Standards on
Auditing, specified under section 143(10) of the Act, 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 statements.
As part of an audit in accordance with the Standards on
Auditing, we exercise professional judgment and maintain
professional scepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement
of the standalone 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 Act, we are also responsible for expressing
our opinion on whether the Company has in place
adequate internal financial controls with reference to
financial statements 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 the management.
• Conclude on the appropriateness of the 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 standalone 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 Statement, including the disclosures,
and whether the Statement represents the underlying
transactions and events in a manner that achieves fair
presentation.
Materiality is the magnitude of misstatements in the
standalone financial statements that, individually or in
aggregate, makes it probable that the economic decisions
of a reasonably knowledgeable user of the standalone
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 standalone 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.
Report on Other Legal and Regulatory Requirements
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.
Further to our comments in Annexure A, 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 Balance Sheet, the Statement of Profit and Loss
(including other comprehensive income), the Cash
Flow Statement and the statement of Changes in
Equity dealt with by this Report are in agreement with
the books of account.
(d) In our opinion, the aforesaid standalone financial
statements comply with 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 the directors as on 31st March, 2025 taken on
record by the Board of Directors, none of the directors
is disqualified as on 31st March, 2025 from being
appointed 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 B”.
(g) 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:
i. The Company has disclosed the impact of pending
litigations on its standalone financial position in
the standalone Ind AS financial statements - Refer
Note No. 27 to the standalone Ind AS financial
statements
ii. The Company did not have any long-term contracts
including derivative contracts for which there were
any material foreseeable losses.
iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor
Education and Protection Fund by the Company.
iv. (a) The management has represented that,
to the best of it’s knowledge and belief,
other than as disclosed in the notes to the
accounts, 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,
whether, 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 it’s knowledge and belief, other
than as disclosed in the notes to the accounts,
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, whether,
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; and
(c) Based on such audit procedures 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 mis¬
statement.
v. No dividend has been declared or paid during the
year by the company.
(h) The reporting under Rule 11(g) of the Companies
(Audit and Auditors) Rules, 2014 is applicable from
1 April 2023.
Based on our examination, which included test checks,
the Company has used accounting software systems for
maintaining its books of account for the financial year ended
March 31,2025 which have the feature of recording audit
trail (edit log) facility and the same has operated throughout
the year for all relevant transactions recorded in the software
systems. Further, during the course of our audit we did not
come across any instance of the audit trail feature being
tampered with and the audit trail has been preserved by
the Company as per the statutory requirements for record
retention.
(g) With respect to the matter to be included in the Auditor’s
Report under section 197(16), In our opinion and according
to the information and explanations given to us, the
remuneration paid by the Company to its directors during the
current year is in accordance with the provisions of section
197 of the Act. The Ministry of Corporate Affairs has not
prescribed other details under section 197(16) which are
required to be commented upon by us.
For R Sundararajan & Associates
Chartered Accountants
Firm Registration N0. 008282S
CA Narasimma Raghavan R
Place: Chennai Managing Partner
Date: 27th May, 2025 M.No. 211700
UDIN: 25211700BMLNKC2721
|