Mar 31, 2018
Report on the Financial Statements
We have audited the accompanying financial statements of SPS FINQUEST LIMITED (âthe Companyâ), which comprise the Balance Sheet as at March 31, 2018 and the Statement of Profit and Loss and Cash Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Managementâ Responsibility for the Financial Statements
The companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statement that give a true and fair view of the Financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of Companies Act, 2013, 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 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 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.
Auditorâs Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation and fair presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2018;
b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
c) in the case of Cash Statement, of the cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016,(âthe Orderâ), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. 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 purpose of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Statement comply with the Accounting Standards specified under section 133 of Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors, as on March 31, 2017 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2017 from being appointed as a director in terms of Section 164(2) of the Companies Act, 2013.
f) With respect to the adequacy of the internal financial controls over financial reporting of the group and the operating effectiveness of such controls, refer to our separate report in Annexure âBâ and
g) 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, in our opinion, and to the best of our information and according to the explanation given to us:
1. The company has disclosed the impact of pending litigations on its financial position in its financial statement.
2. The company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses
3. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE A TO THE AUDITORâS REPORT
[Referred to in paragraph 1, under âReport on other Legal and Regulatory Requirementsâ, in the Independent Auditorâs Report of even date to the members of SPS Finquest Ltd. (âthe Companyâ) on the financial statements for the period ended March 31, 2018]
i. The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.
The company does not hold any immovable properties.
ii. Considering the nature of business conducted by the company, the clause (ii) is not applicable to the company for the period, as it is not related to the business carried on by the company.
iii. According to the information and explanation given to us the company has not advanced secured or unsecured Loans to the Companies, Firms, Limited Liability Partnerships or other parties covered in the register maintained under Section 189 of the Companies Act 2013.
iv. The provisions of section 185 and 186 of the Companies Act 2013 are not applicable to the company during the year under review.
v. The Company has not accepted any deposits from the public during the period under review. Accordingly paragraph 3(v) of the order is not applicable.
vi. To the best of our knowledge and as explained to us, the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Companies Act 2013 for the products of the company. Accordingly paragraph 3(vi) of the order is not applicable.
vii. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including income Tax, cess and other material statutory dues applicable to it.
The provisions relating to provident fund, employees state insurance, sales tax, service tax, duty of customs, duty of excise, value added tax are currently not applicable to the company.
According to the information and explanations given to us, there are no arrears of outstanding applicable statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they became payable.
According to the information and explanation given to us, there are no dues of income tax, service tax and cess that have not been deposited on account of any dispute.
viii. The company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly paragraph 3(viii) of the order is not applicable.
ix. The company did not raise any money by way of Initial Public Offer or further public offer and term loans during the year under review. Accordingly paragraph 3(ix) of the order is not applicable.
x. Based on the Audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the Information and explanations given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.
xi. According to the information and explanation given to us and based on our examination of the records of the company the company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act.
xii. In our opinion and according to the information and explanations given to us, the company is not a Nidhi company. Accordingly paragraph 3(xii) of the order is not applicable.
xiii. According to the information and explanation given to us and based on our examination of the records of the company, transactions with related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanation given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
xv. According to the information and explanation given to us and based on our examination of the records of the company, the company has not entered into non-cash transactions with directors or persons connected with him, requiring compliance with Section 192 of the Companies Act 2013.
xvi. The company being an NBFC is registered under Section 45-IA of the RBI Act 1934
ANNEXURE B TO THE AUDITORS REPORT
Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of SPS Finquest Ltd. (âthe Companyâ) as of 31 March 2018 in conjunction with our audit of the financial statements of the company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs 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 (âICAIâ). 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 the Companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs 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 âGuidance Noteâ) 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 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 were 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 auditorsâ 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 Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs 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 companyâs 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 the Management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Companyâs 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 become 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 31 March 2018, 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 Kochar & Associates
Chartered Accountants
FRN: 105256W
Sd/-
CA. Piyush Kochar
Partner
M. No: 106049
Place: Mumbai
Date: 30/5/2018
Mar 31, 2016
Independent Auditor''s Report
To,
The Members of SPS FINQUEST LIMITED Report on the Financial Statements
We have audited the accompanying financial statements of SPS FINQUEST LIMITED ("the Company"), which comprise the Balance Sheet as at March 31, 2016 and the Statement of Profit and Loss and Cash Statement for the year then ended, and a summary of significant accounting policies and other explanatory information.
Management'' Responsibility for the Financial Statements
The company''s 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 financial statement that give a true and fair view of the Financial position, financial performance and cash flows of the Company in accordance with the Accounting principles generally accepted in India, including the Accounting Standards specified under section 133 of Companies Act, 2013, 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 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 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.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made thereunder.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143 (10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor''s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Company''s preparation and fair presentation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on whether the company has in place adequate internal financial control system over financial reporting and the operating effectiveness of such controls. An audit also includes evaluating the appropriateness of accounting policies used and reasonableness of the accounting estimates made by the management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India:
a) in the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2016;
b) in the case of the Statement of Profit and Loss, of the Profit for the year ended on that date; and
c) in the case of Cash Statement, of the cash flows for the year ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2016,("the Order"), issued by the Central Government of India in terms of sub-section (11) of Section 143 of the Act, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the said Order.
2. 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 purpose of our audit.
b) In our opinion, proper books of account as required by law have been kept by the Company so far as appears from our examination of those books.
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow Statement dealt with by this report are in agreement with the books of account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and Cash Statement comply with the Accounting Standards specified under section 133 of Companies Act, 2013, read with rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors, as on March 31, 2016 and taken on record by the Board of Directors, we report that none of the directors is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164(2) of the Companies Act, 2013.
f) With respect to the adequacy of the internal financial controls over financial reporting of the group and the operating effectiveness of such controls, refer to our separate report in Annexure ''B'' and
g) 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, in our opinion, and to the best of our information and according to the explanation given to us:
1. The company has disclosed the impact of pending litigations on its financial position in its financial statement.
2. The company does not have any long term contracts including derivative contracts for which there were any material foreseeable losses
3. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.
ANNEXURE A TO THE AUDITOR''S REPORT
[Referred to in paragraph 1, under ''Report on other Legal and Regulatory Requirements'', in the Independent Auditor''s Report of even date to the members of SPS Finquest Ltd. ("the Company") on the financial statements for the period ended March 31, 2016.]
i. The company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets.
The fixed assets have been physically verified by the management at reasonable intervals. No material discrepancies were noticed on such verification.
The company does not hold any immovable properties.
ii. Considering the nature of business conducted by the company, the clause (ii) is not applicable to the company for the period, as it is not related to the business carried on by the company.
iii. According to the information and explanation given to us the company has not advanced secured or unsecured Loans to the Companies, Firms, Limited Liability Partberships or other parties covered in the register maintained under Section 189 of the Companies Act 2013.
iv. The provisions of section 185 and 186 of the Companies Act 2013 are not applicable to the company during the year under review.
v. The Company has not accepted any deposits from the public during the period under review. Accordingly paragraph 3(v) of the order is not applicable.
vi. To the best of our knowledge and as explained to us, the Central Government has not prescribed the maintenance of cost records under section 148 (1) of the Companies Act 2013 for the products of the company. Accordingly paragraph 3(vi) of the order is not applicable.
vii. The Company is generally regular in depositing with appropriate authorities undisputed statutory dues including income Tax, cess and other material statutory dues applicable to it.
The provisions relating to provident fund, employees state insurance, sales tax, service tax, duty of customs, duty of excise, value added tax are currently not applicable to the company.
According to the information and explanations given to us, there are no arrears of outstanding applicable statutory dues as on the last day of the financial year concerned for a period of more than six months from the date they becoame payable.
According to the information and explanation given to us, there are no dues of income tax, service tax and cess that have not been deposited on account of any dispute.
viii. The company does not have any loans or borrowings from any financial institution, banks, government or debenture holders during the year. Accordingly paragraph 3(viii) of the order is not applicable.
ix. The company did not raise any money by way of Initial Public Offer or further public offer and term loans during the year under review. Accordingly paragraph 3(ix) of the order is not applicable.
x. Based on the Audit procedures performed for the purpose of reporting the true and fair view of the financial statements and as per the Information and explanations given to us, we report that no fraud on or by the company has been noticed or reported during the course of our audit.
xi. According to the information and explanation given to us and based on our examination of the records of the company the company has paid / provided for managerial remuneration in accordance with the requisite approvals mandated by the provisions of Section 197 read with Schedule V of the Act.
xii. In our opinion and according to the information and explanations given to us, the company is not a Nidhi company. Accordingly paragraph 3(xii) of the order is not applicable.
xiii. According to the information and explanation given to us and based on our examination of the records of the company, transactions with related parties are in compliance with Sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
xiv. According to the information and explanation given to us and based on our examination of the records of the company, the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review.
xv. According to the information and explanation given to us and based on our examination of the records of the company, the company has not entered into non-cash transactions with directors or persons connected with him, requiring compliance with Section 192 of the Companies Act 2013.
xvi. The company being an NBFC is registered under Section 45-IA of the RBI Act 1934
For Kochar & Associates
Chartered Accountants
FRN: 105256W CA.
Piyush Kochar
Partner
M. No: 106049
Place: Mumbai
Date: 26/5/2016
Mar 31, 2015
We have audited the accompanying financial statements of SPS FINQUEST
LIMITED ("the Company"), which comprise the Balance Sheet as at March
31, 2015 and the Statement of Profit and Loss and Cash Flow Statement
for the year then ended, and a summary of significant accounting
policies and other explanatory information.
Management' Responsibility for the Financial Statements
The company's 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 financial statement that give a true and
fair view of the Financial position, financial performance and cash
flows of the Company in accordance with the Accounting principles
generally accepted in India, including the Accounting Standards
specified under section 133 of Companies Act, 2013, 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 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 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We have taken into account the
provisions of the Act, the accounting and auditing standards and
matters which are required to be included in the audit report under the
provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143 (10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation and fair presentation of the financial statements that give
a true and fair view in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing
an opinion on whether the company has in place adequate internal
financial control system over financial reporting and the operating
effectiveness of such controls. An audit also includes evaluating the
appropriateness of accounting policies used and reasonableness of the
accounting estimates made by the management, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the financial
statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2015;
b) in the case of the Statement of Profit and Loss, of the loss for the
year ended on that date; and
c) in the case of Cash Flow Statement, of the cash flows for the year
ended on that date.
Report on other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015,("the
Order"), issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the said
Order.
2. 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
purpose of our audit.
b) In our opinion, proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books.
c) The Balance Sheet, Statement of Profit and Loss and Cash Flow
Statement dealt with by this report are in agreement with the books of
account.
d) In our opinion, the Balance Sheet, Statement of Profit and Loss and
Cash Flow Statement comply with the Accounting Standards specified
under section 133 of Companies Act, 2013, read with rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the
directors, as on March 31, 2015 and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
March 31, 2015 from being appointed as a director in terms of Section
164(2) of the Companies Act, 2013.
f) 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, in our opinion, and to the best of our information and
according to the explanation given to us:
1. The company has disclosed the impact of pending litigations on its
financial position in its financial statement.
2. The company does not have any long term contracts including
derivative contracts for which there were any material foreseeable
losses
3. There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
[Referred to in paragraph 1, under ÂReport on other Legal and
Regulatory Requirements', in the Independent Auditor's Report of even
date to the members of SPS FINQUEST LTD. ("the Company") on the
financial statements for the period ended March 31, 2015.]
i. The Company has maintained proper records showing full particulars
including quantitative details and situation of fixed assets.
As explained to us, the management has physically verified the fixed
assets during the year and there is a regular programme of verification
which, in our opinion, is reasonable having regard to the size of the
Company and the nature of the assets. No discrepancies were observed on
such verifications.
The management has not disposed of any fixed assets during the period.
ii. Considering the nature of business conducted by the company, the
clause (ii) is not applicable to the company for the period, as it is
not related to the business carried on by the company.
iii. During the year the company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under section 189 of the Companies Act, 2013.
In view of our comment in paragraph (a) above, clause (iii) (a) and (b)
of paragraph 3 of the aforesaid order are not applicable to the
company.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, with
regard to purchase fixed assets and for supply of services. During the
course of our audit, no major weakness has been noticed in the internal
control systems in respect of these areas.
The company has neither purchased any inventory nor sold any goods
during the year. Hence internal control procedures over these areas
have not been commented upon.
v. The Company has not accepted any deposits from the public during
the period under review.
vi. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
section 148 (1) of the Companies Act 2013 for the products of the
company.
vii. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including income Tax, cess and
other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, service tax, cess
and other undisputed statutory dues were outstanding, at the period
end, for a period of more than six months from the date they became
payable.
According to the information and explanation given to us, there are no
dues of income tax, service tax and cess that have not been deposited
on account of any dispute.
The provisions relating to provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax,
custom duty, excise duty are currently not applicable to the company.
viii. The company does not have any accumulated losses as at the end of
the financial year and has not incurred cash losses during the year
covered by our audit and also in the immediately preceding financial
year.
ix. In our opinion and according to the information and explanations
given to us, the company has not defaulted in repayment of dues to any
financial institutions and banks.
x. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
xi. The Company did not have any term loans outstanding during the
period.
xii. Based on the Audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the Information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Kochar & Associates
Chartered Accountants
CA. Piyush Kochar
Partner
M. No. 106049
Place: Mumbai
Date May 26, 2015
Mar 31, 2014
We have audited the accompanying financial statements of SPS FINQUEST
LTD. (the Company), which comprise the Balance Sheet as at March 31
2014, and the Statement of Profit and Loss and Cash Flow Statement for
the year ended on that date, and a summary of significant accounting
policies and other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 21
1 of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error, In making those risk assessments, the auditor
considers internal control relevant to the Company's preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. We believe that the audit evidence we have obtained is
sufficient and appropriate to provide a basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2014:
(b) in the case of the Profit and Loss Account, of the Profit for the
year ended on that date; and
(c) in the case of the Cash Flow Statement, of the cash flows for the
year ended on that date. Report on Other Legal and Regulatory
Requirements
1. As required by the Companies (Auditor's Report] Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c. The Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account.
d. In our opinion, the Balance Sheet, Statement of Profit and Loss,
and Cash Flow Statement comply with the Accounting Standards referred
to in subsection (3C) of section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2014, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2014, from being
appointed as a director in terms of clause (g) of sub-section (1)of
section 274 of the Companies Act, 1956.
f. Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
ANNEXURE TO THE AUDITOR'S REPORT
(Referred to in paragraph 1 of our report of even date on the accounts
for the period ended 31st March 2014 of M/s SPS Finquest Ltd.)
i. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
The management during the period has physically verified the Fixed
Assets and no material discrepancies were observed on such
verifications.
The management has not disposed of any fixed assets during the period.
ii. Considering the nature of business conducted by the company, the
clause (it) of paragraph 4 of the Companies (Auditors Report) Order
2003, as amended by the Companies (Auditors Report) (Amendment) Order
2004, is not applicable to the company for the period, as it is not
related to the business carried on by the company.
iii. The company has not granted loans to companies and other party
covered in the register maintained under section 301 of the Companies
Act, 1956.
The Company has taken loans from 1 party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the period was Rs. 0.11 lakhs and the balance of
loans taken from such parties as at the wnd of the period was Rs, 0.11
lakhs.
The rate of Interest and the terms and conditions of loans given or
taken are not prima facie prejudicial to the Interests of the Company.
The Company is regular in repaying the Principal as stipulated.
Reasonable steps have been taken by the company for recovery / payment
of the principal and interest, wherever applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and supply of services. During the course of
our audit, no major weakness has been noticed in the internal control
systems in respect of these areas. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal control system of the company.
The company has neither purchased any inventory nor sold any goods
during the year. Hence internal control procedures over these areas
have not been commented upon.
v. According to the information and explanations given to us, we are
of the opinion that particulars of Contracts or arrangements referred
to under section 301 of the Companies Act, 1956 have been so entered in
the register maintained under that Act.
According to the information and explanation given to us, the
transactions made in pursuance to contracts or arrangements entered in
the Register maintained under section 301 of the Companies Act, 1956
and exceeding the value of five lakhs in respect of any party, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public during
the period under review.
vii. Although the Company does not have a formal internal audit system
in our opinion, its internal control procedures involves reasonable
internal check of its financial transaction.
viii, To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
section 209 (1) (d) of the Companies Act 1956 for the products of the
company.
ix. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including income Tax, cess and
other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, service tax, cess
and other undisputed statutory dues were outstanding, at the period
end, for a period of more than six months from the date they became
payable.
According to the information and explanation given to us, there are no
dues of income tax, service tax and cess that have not been deposited
on account of any dispute.
The provisions relating to provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax,
custom duty, excise duty are currently not applicable to the company.
x. The company does not have accumulated losses at the end of the
period and it has not incurred cash losses in the current period and
immediately preceding financial year.
xi. According to the information and explanation given to us and based
on the documents and records produced to us, the Company has not taken
any funds from financial institution and banks and hence the provisions
of clause 4 (xi) of the order are not applicable to the company.
xii. Based on our examination of documents and records, we are of the
opinion that the company has maintained adequate records where the
company has granted loans and advances on the basis of security by way
of pledge of shares.
According to the information and explanation given to us and based on
the documents and records produced before us, the company has not
granted loans and advances on the basis of security by way of pledge of
debentures and other securities.
xiii. In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv. In our opinion and according to the explanations given to us, the
Company has maintained proper record of the transactions and contracts
of dealing or trading in shares and debentures and timely entries have
been made therein. Also such shares securities and other investments
have been held by the company in its own name.
xv. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. The Company did not have any term loans outstanding during the
period.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short- term basis have been used for Long Term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
xviii. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix. The company did not have any outstanding debentures during the
period.
xx. The company has not raised any money through a public issue.
xxi. Based on the Audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the Information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Kochar & Associates
Chartered Accountants
CA. Piyush Kochar
Partner
M. No. 106049
Place: Mumbai
Date 3/5/2014
Mar 31, 2013
We have audited the accompanying financial statements of M/s SPS
Finquest Limited (the Company), which comprise the Balance Sheet as at
March 31 2013, and the Statement of Profit and Loss for the year ended
on that date, and a summary of significant accounting policies and
other explanatory information.
Management's Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position and
financial performance of the Company in accordance with the Accounting
Standards referred to in sub-section (3C) of section 211 of the
Companies Act, 1956 ("the Act"). This responsibility includes the
design, implementation and maintenance of internal control 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.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The
procedures selected depend on the auditor's judgment, including the
assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk
assessments, the auditor considers internal control relevant to the
Company's preparation and fair presentation of the financial statements
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
accounting policies used and the reasonableness of the accounting
estimates made by management, as well as evaluating the overall
presentation of the financial statements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
(a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
(b) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2003 ("the
Order") issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a. We have obtained all the information and explanations which to the
best of our knowledge and belief were necessary for the purpose of our
audit;
b. In our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books
c. The Balance Sheet and Statement of Profit and Loss dealt with by
this Report are in agreement with the books of account.
Complied by: Dion Global Solutions Limited
d. In our opinion, the Balance Sheet and Statement of Profit and Loss
comply with the Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956;
e. On the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
f Since the Central Government has not issued any notification as to
the rate at which the cess is to be paid under section 441A of the
Companies Act, 1956 nor has it issued any Rules under the said section,
prescribing the manner in which such cess is to be paid, no cess is due
and payable by the Company.
(Referred to in paragraph 1 of our report of even date on the accounts
for the period ended 31st March 2013 of M/s SPS Finquest Limited)
i. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
The management during the year has physically verified the Fixed Assets
and no material discrepancies were observed on such verifications.
The management has not disposed of any fixed assets during the year.
ii. Considering the nature of business conducted by the company, the
clause (ii) of paragraph 4 of the Companies (Auditors Report) Order
2003, as amended by the Companies (Auditors Report) (Amendment) Order
2004, is not applicable to the company for the year, as it is not
related to the business carried on by the company.
iii. The company has not granted loans to companies and other party
covered in the register maintained under section 301 of the Companies
Act, 1956.
The Company has taken loans from 1 party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 0.11 lakhs and at the year-end
balance of loans taken from such parties was Rs. 0.11 lakhs.
The rate of Interest and the terms and conditions of loans given or
taken are not prima facie prejudicial to the Interests of the Company.
The Company is regular in repaying the Principal as stipulated.
Reasonable steps have been taken by the company for recovery / payment
of the principal and interest, wherever applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and supply of services. During the course of
our audit, no major weakness has been noticed in the internal control
systems in respect of these areas. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal control system of the company.
The company has neither purchased any inventory nor old any goods
during the year. Hence internal control procedures over these areas
have not been commented upon.
v. According to the information and explanations given to us, we are
of the opinion that particulars of Contracts or arrangements referred
to under section 301 of the Companies Act, 1956 have been so entered in
the register maintained under that Act.
According to the information and explanation given to us, the
transactions made in pursuance to contracts or arrangements entered in
the Register maintained under section 301 of the Companies Act, 1956
and exceeding the value of five lakhs in respect of any party, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public during
the year under review.
vii. Although the Company does not have a formal internal audit system
in our opinion, its internal control procedures involves reasonable
internal check of its financial transaction.
viii. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
section 209 (1) (d) of the Companies Act 1956 for the products of the
company.
ix. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including income Tax, cess and
other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, service tax, cess
and other undisputed statutory dues were outstanding, at the year end,
for a period of more than six months from the date they became payable.
According to the information and explanation given to us, there are no
dues of income tax, service tax and cess that have not been deposited
on account of any dispute.
The provisions relating to provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax,
custom duty, excise duty are currently not applicable to the company.
x. The company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year.
xi. According to the information and explanation given to us and based
on the documents and records produced to us, the Company has not taken
any funds from financial institution and banks and hence the provisions
of clause 4 (xi) of the order are not applicable to the company.
xii. Based on our examination of documents and records, we are of the
opinion that the company has maintained adequate records where the
company has granted loans and advances on the basis of security by way
of pledge of shares.
According to the information and explanation given to us and based on
the documents and records produced before us, the company has not
granted loans and advances on the basis of security by way of pledge of
debentures and other securities.
xiii. In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv. In our opinion and according to the explanations given to us, the
Company has maintained proper record of the transactions and contracts
of dealing or trading in shares and debentures and timely entries have
been made therein. Also such shares securities and other investments
have been held by the company in its own name.
xv. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. The Company did not have any term loans outstanding during the
year.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short- term basis have been used for Long Term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
xviii. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix. The company did not have any outstanding debentures during the
year.
xx. The company has not raised any money through a public issue.
xxi. Based on the Audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the Information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Bhavna Pandya & Co.
Chartered Accountants
CA. Bhavna Pandya
Proprietor
M. No. 37225
Place: Mumbai
Date 28/6/2013
Mar 31, 2012
We have audited the attached Balance Sheet of M/S. SPS FINQUEST LTD.
as at 31st March 2012 and also the Profit and Loss Account for the
period ended on that date annexed thereto. These financial statements
are the responsibility of the Companies, management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement. An Audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
As required by the Companies (Auditor's Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Company Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Said Order.
Further to our comments in the Annexure referred to above, we report
that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose 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
the books.
c. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub-section (3c) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the
directors, as on 31st March 2012, and taken on record by the Board of
Directors, we report that none of the directors is disqualified as on
31st March 2012 from being appointed as directors in terms of clause
(g) of sub-section (1) of Section 274 of the Companies Act 1956.
f. In our opinion and to the best of our information and according to
the explanations given to us, they said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2012 and
ii. In the case of Profit and Loss Account, of the Profit of the
Company for the period ended on that date.
(Referred to in paragraph 1 of our report of even date on the accounts
for the period ended 31st March 2012 of M/s SPS Finquest P. Ltd.)
i. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
The management during the year has physically verified the Fixed Assets
and no material discrepancies were observed on such verifications.
The management has not disposed of any fixed assets during the year.
ii. Considering the nature of business conducted by the company, the
clause (ii) of paragraph 4 of the Companies (Auditors Report) Order
2003, as amended by the Companies (Auditors Report) (Amendment) Order
2004, is not applicable to the company for the year, as it is not
related to the business carried on by the company.
iii. The company has not granted loans to companies and other party
covered in the register maintained under section 301 of the Companies
Act, 1956.
The Company has taken loans from 1 party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 400 lakhs and at the year-end
balance of loans taken from such parties was Rs. 0.11 lakhs.
The rate of Interest and the terms and conditions of loans given or
taken are not prima facie prejudicial to the Interests of the Company.
The Company is regular in repaying the Principal as stipulated.
Reasonable steps have been taken by the company for recovery / payment
of the principal and interest, wherever applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of fixed assets and supply of services. During the course of
our audit, no major weakness has been noticed in the internal control
systems in respect of these areas. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal control system of the company.
The company has neither purchased any inventory nor old any goods
during the year. Hence internal control procedures over these areas
have not been commented upon.
v. According to the information and explanations given to us, we are of
the opinion that particulars of Contracts or arrangements referred to
under section 301 of the Companies Act, 1956 have been so entered in
the register maintained under that Act.
According to the information and explanation given to us, the
transactions made in pursuance to contracts or arrangements entered in
the Register maintained under section 301 of the Companies Act, 1956
and exceeding the value of five lakhs in respect of any party, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant time.
vi. The Company has not accepted any deposits from the public during
the year under review.
vii. Although the Company does not have a formal internal audit system
in our opinion, its internal control procedures involves reasonable
internal check of its financial transaction.
viii. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
section 209 (1) (d) of the Companies Act 1956 for the products of the
company.
ix. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including income Tax, cess and
other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, service tax, cess
and other undisputed statutory dues were outstanding, at the year end,
for a period of more than six months from the date they became payable.
According to the information and explanation given to us, there are no
dues of income tax, service tax and cess that have not been deposited
on account of any dispute.
The provisions relating to provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax,
custom duty, excise duty are currently not applicable to the company.
x. The company does not have accumulated losses at the end of the
financial year and it has not incurred cash losses in the current and
immediately preceding financial year.
xi. According to the information and explanation given to us and based
on the documents and records produced to us, the Company has not taken
any funds from financial institution and banks and hence the provisions
of clause 4 (xi) of the order are not applicable to the company.
xii. Based on our examination of documents and records, we are of the
opinion that the company has maintained adequate records where the
company has granted loans and advances on the basis of security by way
of pledge of shares.
According to the information and explanation given to us and based on
the documents and records produced before us, the company has not
granted loans and advances on the basis of security by way of pledge of
debentures and other securities.
xiii. In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv. In our opinion and according to the explanations given to us, the
Company has maintained proper record of the transactions and contracts
of dealing or trading in shares and debentures and timely entries have
been made therein. Also such shares securities and other investments
have been held by the company in its own name.
xv. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. The Company did not have any term loans outstanding during the
year.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short- term basis have been used for Long Term
investment. No long-term funds have been used to finance short-term
assets except permanent working capital.
xviii. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix. The company did not have any outstanding debentures during the
year.
xx. The company has not raised any money through a public issue.
xxi. Based on the Audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the Information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course of
our audit.
For Bhavna Pandya & Co.
Chartered Accountants
CA. Bhavna Pandya
Proprietor
M. No. 37225
Place: Mumbai
Date 29/6/2012
Mar 31, 2011
We have audited the attached Balance Sheet of M/S. SPS FINQUEST P. LTD.
as at 31st March 2011 and also the Profit and Loss Account for the
period ended on that date annexed thereto. These financial statements
are the responsibility of the Company's, management. Our responsibility
is to express an opinion on these financial statements based on our
audit.
We conducted our audit in accordance with auditing standards generally
accepted in India. Those Standards require that we plan and perform the
audit to obtain reasonable assurance about whether the financial
statements are free of material misstatement An Audit includes
examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. An- audit also, includes
assessing the accounting principles -used and significant estimates
made by management, as well as evaluating the overall financial
statement presentation. We believe that our audit provides a reasonable
basis for our opinion.
As required by the Companies (Auditor's Report) Order, 2003, issued by
the Central Government of India in terms of sub-section (4A) of section
227 of the Company Act, 1956, we enclose in the Annexure a statement on
the matters specified in paragraphs 4 and 5 of the Said Order.
Further to our comments in the Annexure referred to above, we report
that:
a. We have obtained all the information and explanations, which to the
best of our knowledge and belief were necessary for the purpose of our
audit.
b. In our opinion, proper books of account as required .bylaw have been
kept by the Company so far as it appears from our examination of the
books.
c. The Balance Sheet and Profit and Loss Account dealt with by this
report are in agreement with the books of account.
d. In our opinion, the Balance Sheet and Profit and Loss Account dealt
with by this report comply with the Accounting Standards referred to in
Sub-section (3c) of Section 211 of the Companies Act, 1956.
e. On the basis of written representations received from the directors,
as on 31st March 2011, and taken on record by the Board of Directors,
we report that none of the directors is disqualified as on 31st March
2011 from being appointed as directors in terms of clause (g) of
sub-section (1) of Section 274 of the Companies Act 1956.
f, In our opinion and to the best of our information and according to
the explanations given to us, the said accounts give the information
required by the Companies Act, 1956, in the manner so required and give
a true and fair view in conformity with the accounting principles
generally accepted in India:
i. In the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2011 and
ii. In the case of Profit and Loss Account, of the Profit of the
Company for the period ended on that date.
(Referred to in paragraph 1 of our report of even date on the accounts
for the period ended 31st March 2011 of M/s SPS Finquest P. Ltd.)
i. The Company is maintaining proper records showing full particulars
including quantitative details and situation of fixed assets.
The management during the year has physically verified the Fixed Assets
and no material discrepancies were observed on such verifications.
The management has written off all the fixed assets during the year. In
our opinion and according to the information and explanation' given to
us the said disposal does not affect the concept of going concern.
ii. The company does not hold any securities in physical form. The
securities held as stock in trade by the custodian are verified with
the confirmation statement received from them on a regular basis. In
our opinion, the frequency of such verification is reasonable.
The procedures of physical verification of inventory followed by the
management are reasonable and adequate in relation to the size of the
company and the nature of its business.
The Company is maintaining proper records of inventory and no
discrepancies were noticed on comparing the statement from custodian
with book records.
iii. The company has granted loans to 1 companies and 1 other party
covered in the register maintained under section 301 of the Companies
Act, 1956. The maximum amount involved during the year was Rs. 15,09
lakhs and at die year-end balance of loans taken from such parties was
Rs. NIL lakhs.
The Company has taken loans from 1 party covered in the register
maintained under section 301 of the Companies Act, 1956. The maximum
amount involved during the year was Rs. 100.11 lakhs and at the
year-end balance of loans taken from such parties was Rs. 0.11 lakhs.
The rate of Interest and the terms and conditions of loans given or
taken are not prima facie prejudicial to the Interests of the Company.
The Company is regular in repaying the Principal as stipulated.
Reasonable steps have been taken by the company for recovery / payment
of the principal and interest, whenever applicable.
iv. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business, for the
purchase of inventory and supply of services. During the course of our
audit, no major weakness has been noticed in the internal control
systems in respect of these areas. During the course of our audit, we
have not observed any continuing failure to correct major weakness in
internal control system of the company:
The company has neither purchased any fixed assets nor old any goods
during the year. Hence internal control procedures over these areas'
have not been commented upon.
v. According to the information and explanations given to us, we are of
the opinion that particulars of Contracts or arrangements referred to
under section 301 of the Companies Act, 1956 have been so entered in
the register maintained under that Act
According to the information and explanation given to us, the
transactions made in pursuance to contracts or arrangements entered in
the Register maintained under section 301 of the Companies Act, 1956
and exceeding the value of five lakhs in respect of any party, have
been made at prices which are reasonable having regard to the
prevailing market prices at the relevant rime.
vi. The Company has not accepted any deposits from the public during
the year under review.
vii. Although the Company does not have a formal internal audit system
in our opinion, its internal control procedures involves reasonable
internal check of its financial transaction.
viii. To the best of our knowledge and as explained, the Central
Government has not prescribed the maintenance of cost records under
section 209 (1) (d) of the Companies Act 1956 for the products of the
company.
ix. The Company is generally regular in depositing with appropriate
authorities undisputed statutory dues including income Tax, cess and
other material statutory dues applicable to it.
According to the information and explanations given to us, no
undisputed amounts payable in respect of Income Tax, service tax, cess
and other undisputed statutory dues were outstanding, at the year end,
for a period of more than six months from the date they became payable.
According to the information and explanation given to us, there are no
dues of income tax, service tax and cess that have not been deposited
on account of any dispute.
The provisions relating to provident fund, investor education and
protection fund, employees state insurance, sales tax, wealth tax,
custom duty, excise duty are currently not applicable to the company.
x. The company has accumulated losses at the end of the financial year
and it has not incurred cash losses in the current and immediately
preceding financial year.
xi. According to the information and explanation given to us and based
on the documents and records produced to us, the Company has not taken
any funds from financial institution and banks and hence the provisions
of clause 4 (xi) of the order are not applicable to the company.
xii. Based on our examination of documents and records, we are of the
opinion that the company has maintained adequate records where the
company has granted loans and advances on the basis of security by way
of pledge of shares.
According to the information and explanation given to us and based on
the documents and records produced before us, the company has not
granted loans and advances on the basis of security by way of pledge of
debentures and other securities.
xiii. In our opinion, the company is not a chit fund or a nidhi /
mutual benefit fund / society. Therefore the provisions of clause 4
(xiii) of the Companies (Auditors Report) Order, 2003 are not
applicable to the Company.
xiv. In our opinion and according to the explanations given to us, the
Company has maintained proper record of the transactions and contracts
of dealing or trading In shares and debentures and timely entries have
been made therein. Also such shares securities and other investments
have been held by the company in its own name.
xv. According to the information and explanations given to us, the
company has not given any guarantee for loans taken by others from bank
or financial institutions.
xvi. The Company did not have any term loans outstanding during the
year.
xvii. According to the information and explanations given to us and on
an overall examination of the Balance Sheet of the company, we report
that no funds raised on short- term basis have been used for Long Term
investment No long-term funds have been used to finance short-term
assets except permanent working capital.
xviii. The company has not made any preferential allotment of shares to
parties or companies covered in the register maintained under section
301 of the Companies Act, 1956.
xix. The company did not have any outstanding debentures during the
year.
xx. The company has not raised any money through a public issue.
xxi. Based on the Audit procedures performed for the purpose of
reporting the true and fair view of the financial statements and as per
the Information and explanations given to us, we report that no fraud
on or by the company has been noticed or reported during the course of
our audit
For B.M. Udeshi & Co,
Chartered Accountants
FRN No, 111131W
CA.B.M. Udeshi
Proprietor
M. No. 17610
Place: Mumbai
Date: 20.1.2011