To the Members of Cox and Kings Financial Service Limited Report on the FinancialStatement
1. We have audited the attached Ind As Financial Statements of Cox and Kings FinancialServices Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 and also the statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow statement and statement of Changes in Equity for the period thenended and a summary of significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
2. Management is responsible for the for the matter stated in section 134 (5) of theCompanies Act 2013 (the Act) with respect preparation of these to Ind As financialstatements that give a true and fair view of the financial position financial performanceincluding other comprehensive income of the Company in accordance with the accountingprinciples generally accepted in India including Accounting Standards (Ind AS) specifiedunder section 133 of the Companies Act 2013 ("the Act") read with Rule 7 of theCompanies (Accounts) Rules 2014
3. This responsibility includes maintenance of adequate accounting records inaccordance with the provision of the Act for safe guarding the assets of the company andfor preventing and detecting frauds and other irregularities ; selection of appropriateaccounting policies and making judgments and estimates that are reasonable and prudent anddesign implementation and maintenance of adequate internal control that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statements that give a trueand fair view and are free from material misstatement whether due to fraud or error.
4. Our responsibility is to express an opinion on these Ind AS financial statementsbased on our audit
We have taken into account the provision of the Act the accounting and auditingstandard and the matters which are required to be included in the audit report under theprovision of the Act and Rules made thereunder.
We conducted our audit of the Ind AS financial statement in accordance with Standardsof Auditing specified under Section 143 (10) of the Act. Those standards require that wecomply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether the financial statements are free of material misstatements.
5. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd As financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal control relevant to the Company's preparationof the Ind AS financial statements that give true and fair view in order to design auditprocedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the company has in place an adequate internal financialcontrols system over financial rand the operating effectiveness of such controls. An auditalso includes evaluating the ap rir. ii .ersi'lof the- \ accounting policies used andthe reasonableness of the accounting estimates made by the company's directors as well asevaluating the overall presentation of the Ind AS financial statements.
6. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Ind AS financial statements.
7. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone the Ind AS financial statements give the informationas required by the Companies Act 2013 in the manner so required give a true and fair viewin conformity with the accounting principles generally accepted in India including Ind ASof the financial position of the Company as at 31st March 2018 and its loss the totalcomprehensive income its cash flow and the changes in the equity for the period ended onthat date.
Report on other Legal and Regulatory Requirement
8. 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 ofthe Act we give in Annexure B a statements on the matters specified in paragraph 3 and 4of the order.
9. As required by Section 143 (3) of the Act based on our audit we report to theextent applicable that:
i) We have obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;
ii) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books.
iii) The Balance Sheet the statement of Profit and Loss including comprehensiveincome the Cash Flow Statement and Statement of Changes in Equity dealt with by thisreport are in agreement with the books of accounts.
iv) In our opinion the financial statements comply with the Accounting Standardsspecified under Section 133 of the Act.
v) On the basis of written representation received from the directors as on 31st March2018 taken on records by the Board of Directors non of the Directors is disqualified ason 31st March 2018 from being appointed as director in terms of clause (g) of sub-section(1) of section 164 (2) of the Companies Act 2013
vi) With respect to adequacy of internal financial control over final reporting of thecompany and the operating effectiveness of such controls refer to our separate report in AnnexureA. Our report expresses an unqualified opinion on the adequacy and operatingeffectiveness of the Company's Internal Financial control over financial reporting.
vii) With respect to other matters to be included in the Auditor's Report in accordancewith Rulell of the Companies (Audit and Auditors) Rules 2014 in our opinion to the bestof our information and according to the explanation given to us:
(a) The Company does not have any pending litigation which would im ial position in itsfinancial statement in its standalone Ind AS financial statement.
(b) The Company did not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.
(c) There were no amount which were required to be transferred to the InvestorEducation and Protection Funds by the Company.
ANNEXURE I TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTof Cox and Kings Financial Service Limited referred to in paragraph I (under Report onOther Legal and Regulatory Requirements' section of our report of even date
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Cox andKings Financial Service Limited ("the Company") as on 31st March' 2018 inconjunction with our audit of the standalone Ind AS financial statements of the Companyfor the period ended on that date.
Management's Responsibility for Internal Financial Controls:
The Company's management is responsibility for establishing and maintaining financialcontrols based on the internal control over financial reporting criteria established bythe Company considering the essential components of internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe institute of Chartered Accountants of India. These responsibilities include thedesign implementation and maintenance of adequate internal financial controls thatoperate effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of internal financialcontrols and both issued by the institute of Chartered Accountants Of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Out audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial control systemover financial reporting.
Meaning of Internal Financial Controls over Financial Reporting:
A Company's' internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted according principles. A Company's internal financial control over financialreporting includes those policies and procedures that (1) pertain in the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorization ofmanagement and directors of the Company and (3) provide reasonable assurance regardingprevention or timely detection of unauth on use or disposition of the Company's assetsthat could have a material effect on the financial
Inherent Limitations of Internal Financial Controls over Financial Reporting:
Because of the inherent limitations of internal financial controls over financialreporting the possibility of collusion of improper management override of controlsmaterial misstatements due to error or fraud may occur and not be detected. Alsoprojections of any evaluation of the internal financial controls over financial reportingto future periods are subject to the risk that the internal financial control overfinancial reporting may become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.
In our opinion the Company has in all material respect an adequate internal financialcontrols over the financial reporting and such internal financial control over financialreporting were not operating effectively as of March 31 2016 based on the internalcontrol over financial reporting criteria established by the Company considering theessential components of internal control stated in the Guidance Note on Audit of InternalFinancial Control Over Financial Reporting issued by the institute of CharteredAccountants of India.
For Desai Associates Chartered Accountants FRN: - 102286W
LA. Mukadam Partner
Date: 2 4 MAY 2018
ANNEXURE "B" TO THE INDEPENDENT AUDITOR'S REPORT
(Refer to in paragraph 1 under 'Report on other Legal and Regulatory Requirements ofour report of even date)
1. In respect of its fixed assets:
(a) The Company did not have any fixed assets during the year Hence requirements ofsub-clause
(a) (b) (c) of clause (i) of paragraph 3 is not applicable.
2. In respect of Inventories:
(a) The Company did not have any Inventory during the year Hence requirements ofclause (ii) of paragraph 3 is not applicable.
3. The Company has not granted any loans secured or unsecured to companies firms orthe other parties covered in the register maintained under section 189 of the Companies(the Act). Hence requirements of clause (iii) of paragraph 3 is not applicable.
4. In our opinion and according to the information and explanations given to us theCompany has complied with the provision of sections 185 and 186 of the Companies Act 2013in respect of grant of loans making investment and providing guarantees and securitiesas applicable.
5. The Company has not accepted any deposits from the public during the year underreport. Hence clause (v) of paragraph 3 of the Order is not applicable.
6. According to the information and explanations given to us the central governmenthas not prescribed the maintenance of cost records under section 148(1) of the Act forany of services rendered hence clause is not applicable.
7. According to the information and explanation given to us in respect of statutorydues:
A) There are no employees is employed by the company hence para (a) of clause (xii) ofthe order is not applicable.
B) There is no undisputed amount payable in respect of Income Tax in arrear as at 31stMarch 2018 for a period more than six month from the date they became payable.
C) There is no disputed dues which have not been deposited as on 31st March 2018.
8. In our opinion and according to the information given to us company have not raisedany loan hence clause (viii) of paragraph 3 of the order is not applicable. including
9. The Company has not raised moneys by way of initial public offer or furth debtinstruments) or term loans and hence reporting clause (ix) of the ord
10. During the course of examination of the books and records of the company carriedout in accordance with generally accepted auditing practices in India and according tothe information and explanations given to us no instances of material fraud by thecompany or on the company by its officers or employees has been noticed or reportedduring the course of our audit nor have we been informed of any such case by themanagement.
11. In our opinion and to information and explanations given to us the Company has notpaid/provided managerial remuneration hence the clause (xi) of paragraph 3 of the Orderis not applicable.
12. The Company is not Nidhi Company and hence reporting under clause (Xii) of theOrder is not applicable.
13. In our opinion and according to information and explanations given to us theCompany is in Compliance with section 177 and 188 of the companies Act 2013. Whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the financial statements etc. as required by theapplicable accounting standards.
14. During the year the Company has not made any preferential allotments or privateplacements of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of the order is not applicable to the Company.
15. In our opinion and according to information and explanations given to us duringthe year the Company has not entered into non cash transactions with its directors ordirectors of its holding subsidiary or associates Company or persons connected with themand hence provision of section 192 of the companies Act 2013 are not applicable.
16. The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act '1934
For Desai Associates
Membership No. : 016865
Dated 24 MAY 2018