Independent Auditors Report on the Quarterly and Year to Date Audited Financial
Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligation and
Disclosure Requirements) Regulations, 2015 as amended.
To
The Board of Directors
Report on the audit of the financial Results
Opinion
We have audited the accompanying Statement of Audited Financial Results for the Quarter
and Year Ended March 31, 2020 ("Statements") of FIRST FINANCIALS SERVICES LTD
(the "Company"), 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, the statements:
i. is presented in accordance with the requirements of the Listing Regulations in this
regard ; and
ii. Give a true and fair view in conformity with the applicable accounting standards
and other accounting principles generally accepted in India, of the profit and other
comprehensive income and other financial information of Company for the quarter and year
ended March 31, 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 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 the ethical requirements that
are relevant to our audit of the financial statements under the provisions of the Act and
the Rules thereunder, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the Code of Ethics.
We believe that the audit evidence obtained by us is sufficient and appropriate to
provide a basis for our opinion.
Managements Responsibility for the Financial Results
The Statements has been prepared on the basis of the annual financial statements. The
Board of Directors of the Company are responsible for the preparation and presentation of
the Statements that gives a true and fair view of the net profit and other comprehensive
income of the Company and other financial information in accordance with the applicable
accounting standards prescribed under Section 133 of the Act read with relevant rules
issued there under 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 provision of
the Act for safeguarding of the assets of 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 the design,
implementation and maintenance of adequate internal financial controls, that wing
effectively for ensuring the accuracy) rid completeness of the accounting records relevant
to the preparation and presentation of the Statement that give a true and fair view and
free material misstatements, whether due to fraud or error.
In preparing the Statements, the Board of Directors are responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless the Board
of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
The Board of Directors is also responsible for overseeing the Companys financial
reporting process.
Auditors responsibilities for the Audit of the financial Results
Our objectives are to obtain reasonable assurance about whether the Statements as a
whole are free from material misstatement, whether due to fraud or error, and to issue an
Auditors Report that includes our opinion. Reasonable assurance is a high level of
assurance, but is not a guarantee that an Audit conducted in accordance with SAs will
always detect a material misstatement when it exists. Misstatements can arise from fraud
or error and are considered material if, individually or in the aggregate, they could
reasonably be expected to influence the economic decisions of users taken on the basis of
these Statements.
As part of an Audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Act, we are also responsible for expressing our opinion on whether the company has
adequate internal financial controls 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
Companys ability to continue as a going concern. If we conclude that a material
uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the financial results or, if such disclosures are inadequate, to
modify our opinion, our conclusions are based on the audit evidence obtained up to the
date of our auditors report. However, future events or conditions may cause the Company
to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the 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 during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.
Other Matter
The Statement includes the results for the quarter ended March 31, 2020 being the
balancing figure between the audited figures in respect of the full financial year March
31, 2020 and the published unaudited year-to date figures up to the third quarter of the
current financial year, which were subjected to a limited review by us, as required under
the Listing Regulations.
| For Singhal & Sewak |
UDIN NO-20410183AAAAAU6847 |
| Chartered Accountants |
|
| F.R.N-011501C |
|
| Sd/- |
|
| CA. Abhishek Sewak |
|
| Partner |
|
| Membership No-410183 |
|
| Place: - Chennai |
|
| Date: - 30/06/2020 |
|
Annexure A to the Auditors Report
On the basis of such checks as we considered appropriate and in terms of information
and explanation given to us, we state that:
i) a) The Company has maintained proper records showing full particulars including
quantitative details and situation of fixed assets.
b) All the assets have been physically verified by the management during the year. In
our opinion, the frequency of verification is reasonable: according to the information and
explanations given to us, no material discrepancies were noticed on such verification.
c) According to the information and explanations given to us and on the basis of our
examination of the record of the Company, the title deeds of immovable properties are held
in the name of the Company.
ii) Since the company is a service company. Accordingly, it does not hold any physical
inventories except shares. Thus, paragraph 3(ii) of the Order is not applicable to the
Company.
iii) According to the information and explanation given to me, the Company had not
granted loan to any of the companies, firms and other parties covered in the register
maintained under section 189 and hence provisions of Clause 3(iii) of the Order are not
applicable to the Company.
iv) In our opinion and according to the information and explanations given to us, the
Company has complied with the provisions of section 185 and 186 of the Act, with respects
to the grant of loans, making investment and providing guarantees and securities, as
applicable.
v) In our opinion and according to the information and explanations given to us, the
Company has not accepted deposits from the public within the meaning of Sections 73, 74,
75 and 76 of the Act and the Rules framed there under to the extent notified. Thus
provisions of the Clause 3(v) of the Order are not applicable to the Company.
vi) On the basis of available information and explanation provided to us, maintenance
of cost records has not been specified by the Central Government under sub-section (1) of
the Section 148 of the Companies Act, 2013 for the business activities carried out by the
Company. Thus reporting under Clause 3(vi) of the Order is not applicable to the Company.
vii) According to the information and explanations given to us, in respect of statutory
dues:
a) The Company is generally regular in depositing statutory dues including provident
fund, employees ‘state insurance, income-tax and other statutory dues applicable to
it with the appropriate authorities.
b) There was no undisputed amount payable in respect of provident fund, income-tax, and
other statutory dues in arrear as at March 31, 2020 for a period more than six months from
the date they became payable.
viii) According to the information and explanations given to us, the company has not
accepted any loans or borrowings from financial institutions, bank and government or has
not issued any debentures during the year. Hence, reporting under Clause 3(viii) of the
Order is not applicable to the Company.
ix) The Company did not raised any money by way of initial public offer or further
public offer including debt instruments) and term loans during the year. Accordingly,
reporting under Clause 3(ix) of the Order is not applicable to the Company.
x) To the best of our knowledge and according to the information and explanations given
to us, no fraud byte Company or no material fraud on the Company by its officers or
employees has been noticed or reported during the year.
xi) The Company has paid/provided managerial remuneration in accordance with the
requisite approvals mandated by the provision of the Section 197 read with Schedule V of
the Act.
xii) The Company is not a Nidhi Company and hence, reporting under Clause 3(xii) of the
Order is not applicable to the Company.
xiii) The Company has entered into the transaction with the related parties in
compliance with the provisions of the Section 177 and 188 of the Act. The details of such
related party transactions have been disclosed in the financial statements as required by
the applicable accounting standards.
xiv) During the year, the Company has not made any preferential allotment or private
placement of shares or fully or partly convertible debentures and hence, reporting under
Clause 3(xiv) of the Order is not applicable to the Company.
xv) The Company has not entered into any non-cash transactions with its directors or
the persons connected with directors and hence reporting under Clause 3(xv) of the Order
is not applicable to the Company.
xvi) According to the information and explanations given to us, the Company is not
required to be registered under section 45-IA of the reserve Bank of India Act 1934.
For M/s Singhal & Sewak
Chartered Accountant
Firm Reg. No. 011501C
Sd/-
CA Abhishek Sewak
Partner M.N. 410183
Place: Chennai
Date: 30/06/ 2020
UDIN NO-20410183AAAAAU6847
+91-9892691696
