To the Members of FOCUS SUITES SOLUTIONS & SERVICES LIMITED
Report on the Audit of the Standalone Financial Statements Opinion
1. We have audited the accompanying standalone financial statements of FOCUS SUITES
SOLUTIONS & SERVICES LIMITED ("the Company"), which comprises the Balance
Sheet as at 31st March 2019, the Statement of Profit and Loss and the Cash Flow
Statement for the year then ended, and a summary of the significant accounting policies
and other explanatory information.
2. In our opinion and to the best of our information and according to the explanations
given to us, the aforesaid standalone financial statements give the information required
by the Companies Act, 2013 (the ‘Act) in the manner so required and give a true and
fair view in conformity with the accounting principles generally accepted in India and as
specified under Section 133 of the Act, of the state of affairs (financial position) of
the Company as at 31st March 2019, and its profit and (financial performance)
and its cash flow for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing specified under
Section 143(10) of the Act. Our responsibility under those standards are further described
in the
Auditors Responsibilities for the Audit of the Financial Statements section of our
report. We are independent of the Company in accordance with the Code of Ethics issued by
the Institute of Chartered Accountants of India (‘ICAI) together with the ethical
requirements that are relevant to our audit of the financial statements under the
provisions of the Act and the rules thereunder, and we have fulfilled our other ethical
responsibilities in accordance with these requirements and the Code of Ethics. We believe
that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.
Information other than the Financial Statements and Auditors Report thereon
4. The Companys Board of Directors is responsible for the other information. The other
information comprises the information included in the Annual Report, but does not include
the financial statements and our auditors report thereon.
Our opinion on the financial statements does not cover the other information and we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read
the other information and, in doing so, consider whether the other information is
materially inconsistent with the financial statements or our knowledge obtained in the
audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we
are required to report that fact. We have nothing to report in this regard.
Responsibilities of Management and Those Charged with Governance for the Standalone
Financial Statements
5. The Companys Board of Directors is responsible for the matters stated in Section
134(5) of the Act with respect to the preparation of these standalone financial statements
that give a true and fair view of the state of affairs (financial position), profit or
loss (financial performance) and cash flows of the Company in accordance with accounting
principles generally accepted in India, specified under section 133 of the Act. This
responsibility also includes maintenance of adequate accounting records in accordance with
the provisions of the Act for safeguarding of the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and application of appropriate
accounting policies; making judgments and estimates that are reasonable and prudent; and
design, implementation and maintenance of adequate internal financial controls that were
operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that
give a true and fair view and are free from material misstatement, whether due to fraud or
error.
6. In preparing the financial statements, management is responsible for assessing the
Companys ability to continue as a going concern, disclosing, as applicable, matters
related to going concern and using the going concern basis of accounting unless management
either intends to liquidate the Company or to cease operations, or has no realistic
alternative but to do so.
7. The Board of Directors are also responsible for overseeing the Companys financial
reporting process.
Auditors Responsibilities for the Audit of the Financial Statements
8. Our objectives are to obtain reasonable assurance whether the financial 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 Standards
on Auditing will always detect a material misstatement when it exists. Misstatement can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these financial statements.
9. As part of an audit in accordance with Standards on Auditing, we exercise
professional judgement and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statements,
whether due to fraud or error, design and perform audit procedures responsive to those
risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery,
intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design
audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the
Act, we are also responsible for explaining our opinion on whether the Company has
adequate internal financial controls system 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 management.
Conclude on the appropriateness of managements 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 statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our 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 financial statements,
including the disclosures, and whether the financial statements represent the underlying
transactions and events in a manner that achieves fair presentation.
10. 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.
11. We also provide those charged with governance with a statement that we have
complied with relevant ethical requirements regarding independence, and to communicate
with them all relationships and other matters that may reasonably be thought to bear on
our independence, and where applicable, related safeguards.
Report on Other Legal and Regulatory Requirements
12. As required by Section 197(16) of the Act, we report that the Company has paid
remuneration to its directors during the year in accordance with the provisions and limits
laid down under Section 197 read with Schedule V to the Act.
13. As required by the Companies (Auditors Report) Order, 2016 (the ‘Order)
issued by the Central Government of India in terms of Section 143(11) of the Act, we give
in the Annexure A, a statement on the matters specified in paragraphs 3 of 4 of the Order.
14. Further to our comments in Annexure A, as required by Section 143(3) of the Act, we
report that:
a) we have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for the 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 those books;
c) the standalone financial statements dealt with by this report are in agreement with
the books of account;
d) in our opinion, the aforesaid standalone financial statements comply with accounting
principles generally accepted in India as specified under section 133 of the Act, read
with Rule 7 of the Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors and taken on
record by the Board of Directors, none of the directors is disqualified as on 31st March
2019 from being appointed as a director in terms of section 164(2) of the Act;
f) we have also audited the internal financial controls over financial reporting
(IFCoFR) of the Company as on 31st March 2019 in conjunction with our audit of
the standalone financial statements of the Company for the year ended on that date and our
report as per Annexure B expressed an unmodified opinion;
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 (as amended), in
our opinion and to the best of our information and according to the explanations given to
us:
i. There is no pending litigation on the Company.
ii. The Company did not have any long term contracts including derivative contracts for
which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to the Investor
Education and Protection Fund by the Company
|
For RAMANAND & ASSOCIATES |
|
Chartered Accountants |
|
FRN No: 117776W |
|
CA RAMANAND GUPTA |
|
Partner |
|
Membership No 103975 |
| Place: Mumbai |
|
| Date: 30th May 2019 |
|
ANNEXURE A TO THE INDEPENDENT AUDITORfS REPORT OF EVEN DATE TO THE MEMBERS OF
FOCUS SUITES SOLUTIONS & SERVICES LIMITED, ON THE STANDALONE FINANCIAL STATEMENTS FOR
THE YEAR ENDED 31st MARCH 2019
Based on the audit procedures performed for the purpose of reporting a true and fair
view on the standalone financial statements of the Company and taking into consideration
the information and explanations given to us and the books of account and other records
examined by us in the normal course of audit, and to the best of our knowledge and belief,
we report that:
i. (a) The company has maintained proper records showing full particulars, including
quantitative details and situation of fixed assets.
(b) As Explained to us, fixed assets have been physically verified by the Management at
reasonable intervals; no material discrepancies were noticed on such verification.
(c) The Company does not have any immovable property. ii. According to the information
and explanation given to us, the company does not hold any inventories, therefore the
provisions of clause is not applicable.
iii. According to the information and explanation given to us, the company has not
granted any loans, secured or unsecured, to companies, firms, Limited Liability
Partnership or other parties covered in the Register maintained under section 189 of the
Companies Act, 2013. Accordingly, the provisions of clause 3 (iii) of the order are not
applicable to the Company.
iv. In our opinion, the Company has complied with the provisions of Section 185 &
186 of the Act in respect of loans, investments, guarantees and security.
v. In our opinion, the Company has not accepted any deposits within the meaning of
Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as
amended). Accordingly, the provisions of clause 3(v) of the Order are not applicable.
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 operation carried by the Company.
vii. (a) The Company is regular in depositing undisputed statutory dues including
provident fund, employees state insurance, income-tax, sales-tax, goods and service tax,
service tax, duty of customs, duty of excise, value added tax, cess and other material
statutory dues, as applicable, with the appropriate authorities. Further, no undisputed
amounts payable in respect thereof were outstanding at the year-end for a period of more
than six months from the date they became payable except as mentioned below.
| Nature of Dues |
Amount (Rs in Lakhs) |
| Income Tax of FY 2016-17 |
46.13 |
| Income Tax of FY 2017-18 |
82.87 |
(b) According to the information and explanations given to us, there are no dues which
have not been deposited by the company on account of disputes. viii. The Company has not
defaulted in repayment of loans or borrowings to any financial institution, banks,
government or dues to debenture holders during the year.
ix. The Company did not raise moneys by way of initial public offer or further public
offer (including debt instrument) and term loans during the year.
x. No fraud by the Company or on the Company by its officers or employees has been
noticed or reported during the period covered by our audit.
xi. Managerial Remuneration has been paid and provided by the Company in accordance
with the requisite approvals mandated by the provisions of Section 197 of the Act read
with Schedule V of the Act.
xii. In our opinion, the Company is not a Nidhi Company. Accordingly, the provisions of
clause 3(xii) of the order are not applicable.
xiii. In our opinion all transactions with the related parties are in compliance with
Sections 177 and 188 of the Act, where applicable and the requisite details have been
disclosed in the financial statements etc., 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. Accordingly, provisions of
paragraph 3(xiv) of the Order are not applicable.
xv. In our opinion, the Company has not entered into any non-cash transactions with
directors or persons connected with them covered under Section 192 of the Act.
xvi. The company is not required to be registered under section 45-IA of the Reserve
Bank of India Act, 1934.
| For RAMANAND & ASSOCIATES |
|
|
Chartered Accountants |
|
FRN No: 117776W |
|
CA RAMANAND GUPTA |
|
Partner |
|
Membership No 103975 |
| Place: Mumbai |
|
| Date: 30th May 2019 |
|
ANNEXURE B TO THE INDEPENDENT AUDITORS REPORT OF EVEN DATE TO THE MEMBERS OF FOCUS
SUITES SOLUTIONS & SERVICES LIMITED, ON THE STANDALONE FINANCIAL STATEMENTS FOR THE
YEAR ENDED 31ST MARCH 2019
Independent Auditors report on the Internal Financial Controls under Clause (i) of
Sub-section
3 of Section 143 of the Companies Act, 2013 ("the Act")
1. In conjunction with our audit of the standalone financial statements of FOCUS SUITES
SOLUTIONS & SERVICES LIMITED ("the Company") as at and for the year ended 31st
March 2019, we have audited the internal financial controls over financial reporting
(IFCoFR) of the Company as of that date.
Managements Responsibility for Internal Financial Controls
2. The Companys Board of Directors 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 (ICAI). 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 Companys policies, the safeguarding
of its assets, the prevention and detection of frauds and errors, the accuracy and
completeness of the accounting records, and the timely preparation of reliable financial
information, as required under the Act.
Auditors Responsibility
3. Our responsibility is to express an opinion on the Companys IFCoFR based on our
audit.
We conducted our audit in accordance with 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 IFCoFR and the Guidance Note issued by the ICAI. 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 IFCoFR were
established and maintained and if such controls operated effectively in all material
respects.
4. Our audit involves performing procedures to obtain audit evidence about the adequacy
of the IFCoFR and their operating effectiveness. Our audit of IFCoFR included obtaining an
understanding of IFCoFR, assessing the risk that a material weakness exists, and testing
and evaluating the design and operating effectiveness of internal control based on the
assessed risk. The procedures selected depend on the auditors judgment, including the
assessment of the risks of material misstatement of the financial statements, whether due
to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys IFCoFR.
Meaning of Internal Financial Controls over Financial Reporting
6. A Companys IFCoFR is a process designed to provide reasonable assurance regarding
the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A companys
IFCoFR includes those policies and procedures that (1) pertain to the maintenance of
records that, in reasonable detail, accurately and fairly reflect the transactions and
dispositions of the assets of the company; (2) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in
accordance with generally accepted accounting principles, and that receipts and
expenditures of the company are being made only in accordance with authorizations of
management and directors of the Company; and (3) provide reasonable assurance regarding
prevention or timely detection of unauthorized acquisition, use, or disposition of the
Companys assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
7. Because of the inherent limitations of IFCoFR, 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 IFCoFR
to future periods are subject to the risk that IFCoFR may become inadequate because of
changes in conditions, or that the degree of compliance with the policies or procedures
may deteriorate.
Opinion
8. 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 31st March 2019,
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
issued by the ICAI.
|
For RAMANAND & ASSOCIATES |
|
Chartered Accountants |
|
FRN No: 117776W |
|
CA RAMANAND GUPTA |
|
Partner |
|
Membership No 103975 |
| Place: Mumbai |
|
| Date: 30th May 2019 |
|
+91-9892691696
