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Pansari Developers Limited Annual Report 2020
62017_rns_2020-07-11_c5de5cad-c74e-4a3e-8efe-dc3917566bca.pdf
Annual Report
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NSARI DEVELOPERS LIMITED
(CIN No.: L72200WB1996PLC079438) Registered Office: 14, N. S. Road, 4th Floor, Kolkata - 700 001, West Bengal, India Tel. No. 033-2231-6142/46, 4005-0500-04, E-mail: [email protected]
Date: 11thJuly 2020
$To$
The National Stock Exchange of India Limited Exchange Plaza, Plot no. C/1, G Block Bandra-Kurla Complex Bandra (E) Mumbai - 400 051
Dear Sir/Madam.
Scrip Code: PANSARI
Sub: Outcome of Board Meeting and Submission of Audited Financial Results for the year ended 31st March 2020
This is to inform you that the Board of Directors in their meeting held today i.e. Saturday the 11th day of July, 2020, have approved the Audited Financial Results of the Company for the year ended 31st March 2020.
Pursuant to Regulation 33 of SEBI (LODR) Regulations, 2015, we are enclosing herewith
-
- Statement of Audited Financial Results for the year ended 31st March 2020.
-
- Auditor's Report on the Audited Financial Results.
This is for your information and records.
Thanking You,
Yours Sincerely,
For Pansari Developers Limited
For Pansan Developers Limited
Sweety like m.
Sweety Khemka Company Secretary
Encl: As above
Director mmet
1, 123, 19 (Rs in Lakhs) $\tilde{\mathcal{L}}$ 1,100.17 $(14.55)$ $\begin{array}{c} \n \overline{11.01} \ \overline{11.77}\n \end{array}$ Lesson, 1 1,151.60 745.57 31 March 2019 $\frac{1}{2}$ $(10.52)$ $\frac{5}{25}$ $\frac{1}{245.57}$ $50, 32$ 16.075.57 191,75 $1.741.68$ $\overline{\Xi}$ $\overline{12}$ (Audited) Consolidated · Ye'r Ended 3,479.81 $66%$ 3,515.47 $(35)$ 93.94 291.7611923 97.38 377.96 83.5220.57 $\overline{1.521}$ 11957 3,167.51 377.96 $275.55$ $1,741.69$ हि ह 31 Márch 2020 102.41 (Audited) Ü, J. 1.323.44 1,398.79 $13.36$ $\frac{1}{2}$ 130.51 $1,153.44$ $57.50$ $245.35$ 245.35 $2.91$ 55 09 $5.57$ $(10.76)$ 50.79 194.56 $1,744.68$ $\frac{1}{2}$ $\frac{1}{2}$ 31 March 2019 (Audiled) Specification Profit and Inserto chiefinity educated assessment 2020 Year Ended $\sim 10^{11}$ $64.18$ 1,179.81 3,513,98 2,65752 $\frac{42}{215}$ $118.8^{\circ}$ $377,60$ Po.64 3,166.38; $37.60$ ្រូ 102.18 83.3720.37 $\sqrt{2542}$ $1,744,68$ 1.58L.55 31 March 2020 (Audited) TANSARI DEVELOPERS, LIMITED $59,55$ $\frac{1}{2}$ 78.02 646.70 Turn $2770$ 1741.68 $\frac{7}{2}$ 128.39 31 March 2019 518.31 128.39 $\frac{1}{12}$ 40.35 RO.04 -0.50 Standalone Mariewed 2.32.49 $\frac{1}{2}$ 30 September 2019 2.257.64 $7286$ 6197 加深 28577 $(2.79)$ $\frac{1}{\prod_{i=1}^{n} \sum_{j=1}^{i} \sum_{j=1}^{i} \alpha_j}$ College $\frac{3}{2}$ $58.79$ 1,971.87 285.77 $2.66$ 58.67 $\sqrt{27.10}$ $\frac{1}{1.30}$ 1.741.63 (Reviewed) $29.3$ $\frac{1}{2}$ 31 March 2020 1,256.81 1,286.34 $19.46$ $(0, 0, 1)$ $\frac{1}{2}$ 92.46 $1,194.52$ $\frac{1}{2}$ 91.83 24.55 91.83 $13.51$ 4831 1.74168 ।।। - अ (Reviewed) for Changes In Inventories Of Funshed caseds, Paid Up Share Capital (Face Value 7 10 each) ffi Depreciation and Amortisation Expense Earning per share (Face Value ₹ 10 each) Work-In-Progress & Stock-In Trade (d) Employee Benefits Expenses Profit before Exceptional Items (b) Princhases of Stock in Trade Particulars (a) Revenue Iron Operations Income from Operations (b) Mat Credit Entitlement Add: Exceptional Item (g) Other Expensiv Less: Tax Expense (b) Other Income Profit before Tax (e) Finance Cost (c) Deferred Tax calculated of Sults. Total Expenses (a) Corrent Tax Total Income Expenditure Net Profit (b) Diluted Total Tax (a) llasic Notes: ភូ ទី $\ddot{ }$ $\ddot{\mathbf{c}}$ $\overline{R}$ $\overline{\phantom{0}}$ $\overline{\phantom{a}}$ ៑
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(a) As per the directives of both Central and State Government in the wake of COVID-19 pandomic, the Compant had suspended operations arress various locations w.e.f. 23.03.2020, which has mildly impacted the business during the half year. The Company has been taking various precements to protect employers and their families from COVID-19.
(b) The Financial Results of the Company for the half year ended 31st March, 2020 have been reviewed and recommended by the Audit Committee and appreved by the Board of Interction in the respective meetings held in July 20
$\widetilde{c}$ accordance with regulation is on the seat to the summature in the balancing figures between author (gauge in equal spark air year to dot figures of the LO equal to the figure of the correction of the state of th accordance with Regulation 23 of the SEBI (Leting Obligations and Disclosure Requirements) Regulations, 2015.
| 4,245.725,990.401,744.682,316.58994.864,792.682,206.4011,463.163,899.98637.956,399.5715.8155.7$\mathcal{C}$$\cdot$ ,ä,ц,s$\frac{\sigma}{\sigma}$en.Talvia1,744 685,714.992,353.083,970.313,623.392,144.821,270.314,40(0.00)7,217.019,602.4418,940.82236,211,270.8214.581,276.64315.873,524.98647.0731st March 2019(Amount in Rs)uálinir Svádo ia Andrinventi bBalance Sheet as at 31st March, 2020Standalone2,316,58$^{4}$ 2,394.75;5,990.40994,86ā.1.744.684,245.7215,6813,311.44$\frac{d^2}{dt}$14986.5.्यास7,546.02$^{*}$ 1,032.26;16,847.853,908.482,204.8017353.161131st March 2020(Amount in Rs)ś,$\epsilon$T)Oπ,$\frac{1}{2}$- 1$\mathcal{F}$$\mathbb{R}^2$es.EnTotal Equity & Liabilities$\ddot{\cdot}$Total Non-Current LiabilitiesTotal Shareholder's FundsTotal Current LiabilitiesTotal Non-Current Assets- Dues to Micro & Small Enterprise(d) Long Term Loans & AdvancesAND LIABILITIES(b) Other Long Term Liabilities(iii) Capital Work-in-Progress(e) Other Non-Current Assets(b) Non-Current Investments(c) Other Current Liabilities(a) Short-Term Borrowings(a) Long Term Borrowing(d) Short-Term Provisions(b) Reserves and SurplusNon-Current LiabilitiesShareholders' Funds(c) Deferred Tax AssetNon-Current AssetsCurrent Liabilities(ii) Intangible assets(b) Trade Payables(i) Tangible Assets(a) Share Capital- Dues to Others(a) Fixed AssetsEQUITYASSETS,$\widetilde{\mathbb{C}}$$2\widetilde{\partial}\widetilde{\varphi}$$\begin{pmatrix} \mathcal{P} \ \mathcal{P} \ \mathcal{P} \ \mathcal{P} \end{pmatrix}$ | (Rs in Lakhs) | Consolidated | 31st March 2019 | (Amount in Rs) | 1,744.68 | 3,970.31 | 5,711.99 | 2,353.08 | 1,270.31 | 3,623.39 | 4,450.06 | ١, | 373.74 | 8,144.46 | 442 | 12,972.68 | 22,311.06 | $\frac{22}{2}$ | 1,272.67 | (0.00) | 1,184.02 | 14.65 | 315.87 | 64707 | LOPERS LIMITEDme llk1000000000000000000000000000000000000 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31st March 2020 | (Amount in Rs) | 3,311.44 | 255,09 | 20,765.00 | 1,022.10 | مبر1677ء | |||||||||||||||||||
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| (Rs in Lakhs) | Consolidated | 31st March 2019 | (Amount in Rs) | 14,932.1313,301.34 | 683.43374.64 | 153.25129.84 | 1,647.401,78137 | 1,460.591,277,22 | 18,876.7816,865.02 | 20,765.00 | 22,311.06 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 31sf March 2020 | (Amount in Rs) | ||||||||||||
| Standalone | 31st March 2019 | (Amount in Rs) | 12,349.70 | 0.8045 | 138.39 | 1,62441 | 619.91 | 15,415.84 | 18,940.82 | ||||
| TANSARIOBVELOPERSTIMITEDBalance Sheeras at 31st March, 2020 | 31st March 2020 | (Amount in Rs) | 10,324.63 | 373.64 | 97.97 | 767.68 | 375.4512,939.37 | 16,847.85ZC | |||||
| Total Assets | |||||||||||||
| (2) Current Assets | (a) Inventories | (b) Trade Receivables | (c) Cash and Bank Balances | (d) Short-Term Loans and Advances | (e) Other Current Assets | Total Current Assets |
$\overline{\phantom{a}}$ $\overline{1}$ $\frac{1}{2}$
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PANSARI DEVELOFERS LINITER
| TANSARI DEVELOPERS LIMIT ED | $\frac{1}{2}$ | |||
|---|---|---|---|---|
| Cash Flow Statement for the year ended 31st March 2020 | ||||
| Standalone | ||||
| Consolodated | ||||
| 31st March 2020 | 31st March 2019 | 31st March 2020 | 31st March 2019 | |
| A Cash Flow From Operating Activities | Amount ( | Amount () | Amount (') | |
| Profit before tax from continuing operations | 377.00 | 245.15 | Amount () | |
| Profit Before Tax | 377.60 | 245.35 | 377.96 | 71557 |
| Adjustment for Non cash & Non operating liem | 377.96 | 245.57 | ||
| Depreciation | ||||
| Interest & Finance Charges | 118.85 | 113.36 | 119.23 | 113.77 |
| Profit from sale of Land | 487.39 | 141.99 | 291.76 | 211.01 |
| Profit from sale of Shares | (34.36) | (741) | (34.36) | (741) |
| Profit from sale of Fixed Assets | (2.64) | (2.64) | ||
| Interest Received | (127) | (0.27) | ||
| Dividend Received | (23.68) | (37.65) | (23.68) | (37.65) |
| Operating Profit before changes in working capital | (0.20) | (0.23) | (0.20) | (0.23) |
| 922.96 | 755.14 | 728.08 | 524.78 | |
| Movements in working capital: | ||||
| Increase/(Decrease) in Trade Payables | ||||
| Increase/(Decrease) in Other Current Liabilities | (8719) | 220 | (118.65) | 10.58 |
| Increase/(Decrease) in Short Term Provision | (2,230.46) | 1,051.56 | (1.744.89) | 1,271.86 |
| Decrease/(Increase) in Trade Receivables | 350 | 257 | 3.50 | 2.57 |
| Decrease/(Increase) in Inventories | 309.79 | (285.90) | 308.79 | (285.91) |
| Decrease/(Increase) in Short Term Loan and Advances | 2,025.07 | (564, 72) | 1,630.79 | (1,261.91) |
| Decrease/(Increase) in Others Assets and Liabilitics | (143.27) | (137.20) | (134.58) | 14.32 |
| Net cash flow before Tax and Extra ordinary liem | (31.00) | 157.13 | (92.09) | (94.17) |
| 769.42 | 680.80 | 580.95 | ||
| Direct Taxes (Paid) / Refund | (75.56) | (78.24) | 182.13 | |
| activities (A)Net cash flow from/(used in) operating | (75.94) | (87.28) | ||
| 693.86 | 602.56 | 505.02 | 94.85 | |
PANSARI DEVELOPERS LIMIED
$\frac{1}{2}$
| PANSARI DEVELOPERS LIMITED | ||||
|---|---|---|---|---|
| Gash Flow Statement for the year ended 31 st March 2020 | ||||
| Standalone | Consolodated | |||
| 31st March 2020 | 31st March 2019 | 31st March 2020 | 31st March 2019 | |
| î, | Amount () | Amount (') | Amount () | Amount ( |
| B Cash flows from frivesting activities | ||||
| CWIP andPurchase of fixed assets, including intangible assets,capital advances | (1.052.82) | (27.02) | (1.052.82) | (27.02) |
| Decrease/(Increase) in Other Non-Current Assets | (11.25) | |||
| Decrease/(Increase) in Long Term Loans & Advances | 298.51 | (3.3) | (11.25) | (3.29) |
| Decrease/(Increase) in Non-Current Investments | (197.83) | 298.51 | $(200,71)$ | |
| Dividend Received | 281.37 | (249.78) | 198.92 | (155.25) |
| Interest Received | 0.20 | $\frac{5}{10}$ | 0.20 | 0.23 |
| 23.68 | 37.65 | 23.68 | 37.65 | |
| Net Cash flows from investing activities (B) | (460.31) | (440.04) | (542.76) | (348.38) |
| Cash flows from financing activities | ||||
| Proceeds/(Repayment) from Long Term borrowings | (36.50) | 1,561.90 | (36.50) | 1,561.90 |
| Proceeds/(Repayment) from Short Term borrowings | 249.91 | (1.282.36) | 342.62 | |
| Interest Paid | (1,085.66) | |||
| Proceeds from Public Issue of Equity shares | (487.39) | (41.99) | (291.76) | (211.01) |
| Net cash flows from/(used in) in financing activities (C) | [27395] | (162.48) | 14.35 | 265.25 |
| Net increase / (decrease) in cash and cash equivalent (A+B+C) | (40.41) | CO.O | (23, 41) | 11.70 |
| yearCash and cash equivalent at the beginning of the | 138.39 | 138.37 | 153.25 | 141.55 |
| Cash and cash equivalent at the end of the year | 97.97 | 138.39 | 129.84 | 153.25 |
| Component of cash and cash equivalents | ||||
| Cash in Hand | 4772 | 28.23 | 50.94 | |
| With Banks - On Current Account | 50.25 | 30.23 | ||
| Other Bank Balance | 28.55 | 78.90 | 41.40 | |
| 81.61 | 81.61 | |||
| Total cash and cash equivalents | ||||
| 97.97 | 138.39 | 129.84 | 153.25 | |
PANSARI DEVELOPERS LINTED
JUBOOX KOLKATA
Gred Account
J.
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Agrawal Subodh & Co. Chartered Accountants
301, Victory House, 3rd Floor 1. Ganesh Chandra Avenue, Kolkata - 700 013 Phone: 2225-9430/31/32 E-mail: [email protected] Website: www.asnco.in
Independent Auditor's Report on Audited Standalone Half Yearly Financial Results and Year to Date Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT
To The Board of Directors of Pansari Developers Ltd.
Report on the audit of the Standalone Financial Results
Opinion
We have audited the accompanying Standalone Financial Results of Pansari Developers Ltd. ('the Company') for the Half year and the year to date results for the period from 1st April, 2019 to 31st March 2020 ("the statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
In our opinion and to the best of our information and according to the explanations given to us these standalone financial results:
a) are presented in accordance with the requirements of the Regulation 33 of the listing requirement in this regard; and
b) give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India or the net profit/loss and other comprehensive income and other financial information for the half year ended 31st March, 2020 as well as the year to date results for the period from 1st April, 2019 to 31st March, 2020.
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, as amended ("the Act"). Our responsibilities under those Standards are further described in the "Auditors' Responsibilities for the Audit of the Standalone Financial Results" 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 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 obtained by us is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw your attention to note (a) to the Standalone Financial Results for the half year and year ended March 31, 2020, which describes the impact of the outbreak of Coronavirus (COVID-19) on the business operations of the Company. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.
Management's Responsibilities for the Standalone Financial Results
These half yearly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements.
The Company's Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit/loss and other financial information in accordance with the accounting principles generally accepted in India including Accounting Standard prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. 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 standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone financial results, the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or the cease operations, or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Company's financial reporting process.
Auditor's Responsibilities for the audit of Standalone Financial Results
Our objectives are to obtain reasonable assurance about whether the Standalone financial results 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 the 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. Misstatement 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 the statement.
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 risk of material misstatement of the statement, whether due to fraud of 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 cominging minimum minimum minimum and the straight of the collusion. omissions, misrepresentation, or the override of internal control'.
؟∽مد کت
- 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 through a separate report on the complete set of Standalone financial statements on whether the Company has adequate internal financial control with reference to financial statements 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 the Board of Directors'.
- 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 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 results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to 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.
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 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 safequards.
Other Matters
The Standalone financial results includes the results for the half year ended March 31, 2020 and March 31, 2019 being the balancing figure between the audited figures in respect of the full financial year ended, and the published unaudited year-to-date figures up to the half year ended 30th September 2019, which were subjected to a limited review by us, as required under the Listing Regulations.
Our opinion on the same is not modified in respect of this matter.
For Agrawal Subodh & Co. Chartered Accountants FRN: 319260E
Swigit Pal
CA Suralit Pal Partner Membership No.:066285 UDIN:- 20066285AAAAAR5197
Place: Kolkata Date: 11th July, 2020.
Agrawal Subodh & Co. Chartered Accountants
301, Victory House, 3rd Floor 1, Ganesh Chandra Avenue, Kolkata - 700 013 Phone: 2225-9430/31/32 E-mail: [email protected] Website: www.asnco.in
Independent Auditor's Report on Consolidated Audited Half Yearly and Year to Date Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
INDEPENDENT AUDITOR'S REPORT
To The Board of Directors of Pansari Developers Ltd.
Report on the audit of the Consolidated Financial Results
Opinion
We have audited the accompanying Statement of Consolidated Financial Results of Pansari Developers Ltd. ("The Company") and the jointly controlled entities (hereinafter referred to as a "Group") for the Half year ended 31st March, 2020 and the year to date results for the period from 1st April, 2019 to 31st March 2020 ("the statement"), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations"). Attention is drawn to the fact that the consolidated figures for the corresponding half year ended 31st March, 2020 and the corresponding period from 1st April, 2019 to 31st March, 2020, as reported in these financial results have been approved by the company's Board of Directors, but have not been subjected to audit.
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditors on separate financial Statements/ financial information of jointly controlled entities, the Statement:
- a) includes the results of the following entities:
- $\mathbf{i}$ . Papillion Developers LLP
- ii. Unipon Purti Developers LLP
- b) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations, as amended; and
- c) gives a true and fair view, in conformity with the applicable accounting standards, and other accounting principles generally accepted in India, of consolidated total comprehensive income (comprising of net [profit/loss] and other comprehensive income/ loss) and other financial information of the Group for the half year ended 31st March, 2020 and for the period from 1st April, 2019 to 31st March, 2020.
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 (the Act). Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that is relevant to our audit of the financial statements.
under the provisions of the Companies Act, 2013 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 obtained by us and other auditors in terms of their reports referred to in "Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our opinion.
Emphasis of Matter
We draw your attention to note (a) to the Consolidated Financial Results for the half year and year ended March 31, 2020, which describes the impact of the outbreak of Coronavirus (COVID-19) on the business operations of the Group. In view of the uncertain economic environment, a definitive assessment of the impact on the subsequent periods is dependent upon circumstances as they evolve. Our conclusion is not modified in respect of this matter.
Management's Responsibilities for the Consolidated Financial Results
These half yearly consolidated financial results as well as the year to date consolidated financial results have been prepared on the basis of the interim consolidated financial statements.
The Company's Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the net profit/ loss and other financial information of the Group in accordance with the accounting principles generally accepted in India including Accounting Standard prescribed under Section 133 of the Companies Act. 2013, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the Preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Company, as aforesaid.
In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the Group and jointly controlled entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intend to liquidate the Group or to cease Operations, or have no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.
Auditor's Responsibilities for the audit of Consolidated Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated financial results 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 quarantee 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 consolidated 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 risk of material misstatement of the consolidated financial results, whether due to fraud of 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, misrepresentation, 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 company's internal control.
- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors'.
- 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 ability of the Group 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 results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to date of our auditor's report. However future events or conditions may cause the Group to cease to continue as a going concern.
- Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.
- Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group to express an Opinion on the consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for the audit opinion.
We communicate with those charged with governance of the Company and such other entities included in the consolidated financial results of which we are the independent auditors 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. ่ส
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.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
The consolidated Financial Results include financial results of jointly controlled entities whose interim Financial Statements/Financial Results/ financial information reflect Group's share of total Net assets of Rs. 10.17 lakhs as at 31st March, 2020, Group's share of total revenue of Rs. 1.49 Lakhs and Group's share of total net profit/(loss) after tax of Rs.0.14 lakhs for the period from 1st April, 2019 to 31st March, 2020, as considered in the consolidated Financial Results, which have been audited by their respective independent auditors. The independent auditors' reports on interim financial statements/Financial Results/financial information of these entities have been furnished to us and our opinion on the consolidated Financial Results. in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
Our opinion on the consolidated Financial Results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the Financial Results/financial information certified by the Board of Directors.
For Agrawal Subodh & Co. Chartered Accountants FRN:319260E
Surgjit Pal
CA Suraiit Pal Partner Membership No.:066285 UDIN :- 20066285AAAAAS8611.
Place: Kolkata Date: 11th July, 2020
PANSARI DEVELOPERS LIMITED
(CIN No.: L72200WB1996PLC079438) Registered Office: 14, N. S. Road, 4th Floor, Kolkata - 700 001, West Bengal, India Tel. No. 033-2231-6142/46, 4005-0500-04, E-mail: [email protected]
Date: 11thJuly 2020
To
Listing Compliance Department
The National Stock Exchange of India Limited Exchange Plaza. Plot no. C/1, G Block Bandra-Kurla Complex Bandra (E) Mumbai - 400 051
Dear Sir/Madam.
Scrip Code: PANSARI
Sub: Declaration regarding Audit report with unmodified opinion with respect to Annual Audited Financial Results for the Financial Year ended 31st March, 2020
Pursuant to Regulation 33(3)(d) of SEBI (LODR) Regulations, 2015, and SEBI Circular No. CIR/CFD/CMD/56/2016 dated 30th May, 2016, it is hereby declared and confirmed that Auditors'Report obtained from M/S Agrawal Subodh & Co., Chartered Accountants on Annual Audited Financial Results of the Company for the financial year ended 31stMarch, 2020 has an unmodified opinion.
This is for your information and records.
Thanking You,
Yours Sincerely.
For Pansari Developers Limited
For Pansari Developers Underd
week Rhemin. Obmpany Secretary
Sweety Khemka Company Secretary