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Easy Fincorp Ltd.

BSE: 511074 Sector: Financials
NSE: N.A. ISIN Code: INE407F01018
BSE 00:00 | 22 Dec Easy Fincorp Ltd
NSE 05:30 | 01 Jan Easy Fincorp Ltd
OPEN 323.05
PREVIOUS CLOSE 323.05
VOLUME 12200
52-Week high 323.05
52-Week low 265.85
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 323.05
CLOSE 323.05
VOLUME 12200
52-Week high 323.05
52-Week low 265.85
P/E
Mkt Cap.(Rs cr) 8
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Easy Fincorp Ltd. (EASYFINCORP) - Auditors Report

Company auditors report

TO THE MEMBERS OF EASY FINCORP LIMITED

Opinion

We have audited the accompanying standalone Ind AS financial statements of EASYFINCORP LIMITED (‘the Company') which comprise the Balance Sheet as at 31stMarch 2021 the Statement of Profit and Loss (including other comprehensive income) thestatement cash flows and the statement of changes in equity for the year then ended andnotes to the financial statements including summary of the significant accountingpolicies and other explanatory information. In our opinion and to the best of ourinformation and according to the explanations given to us the aforesaid standalonefinancial statements give the information required by the Act in the manner so requiredand give a true and fair view in conformity with the accounting principles generallyaccepted in Ind AS of the state of affairs of the Company as at March 31 2021 and itsLoss and including the comprehensive income its cash flows and the changes in equity forthe year ended on that date for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Companies Act 2013. Our responsibilities under those Standards arefurther described in the Auditor's Responsibilities for the Audit of the FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled ourother ethical responsibilities in accordance with these requirements and the Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our opinion.

Managementfs Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters in section 134(5) ofthe

Companies Act 2013 ("the Act") with respect to preparation and presentationof these standalone financial statements that give a true and fair view of the financialposition financial performance cash flows and changes in equity of the Company inaccordance with the accounting principles generally accepted in India including the IndianAccounting Standard (Ind AS) prescribed under section 133 of the Act read with relevantRules issued there under. This responsibility also includes the maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the company and for preventing and detecting the frauds and otherirregularities selection and application of appropriate accounting policies makingjudgments and estimates that are reasonable and prudent and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the Standalone financial statements that give a true andfair view and are free from material statement whether due to fraud or error. Inpreparing the financial statements management is responsible for assessing the Company'sability to continue as a going concern disclosing as applicable matters related to goingconcern and using going concern basis of accounting unless management wither intends toliquidate the company or cease operations or has no realistic alternative but to do so.Those boards of directors are also responsible for overseeing the company's financialreporting process.

Auditorsf Responsibility

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue auditors report that includes our opinion. Reasonable assurance is a highlevel of assurance but it is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatement can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decision of the user taken on thebasis of these financial statements.

Report on Other Legal and Regulatory Requirements

As required by "The Companies (Auditors Report) Order 2016" issued by theCentral

Government of India in terms of sub section (11) of Section 143 of the Act (hereinafterreferred to as the "Order") and on the basis of such checks of the books andrecords of the Company as we considered appropriate and according to the information andexplanations given to us we give in the Annexure A a statement on the matters specifiedin Paragraphs 3 and 4 of the Order. As required by Section 143 (3) of the Act we reportthat:

(a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purposes of our audit.

(b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.

(c) The Balance Sheet the Statement of Profit and Loss including other comprehensiveincome the statement of cash flows and the statement of changes in equity dealt with bythis Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevantrules issued there under.

(e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 from being appointed as a director in terms of Section164 (2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in

"Annexure B"; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with

Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to thebest of our knowledge and belief and according to the explanations given to us:

i. There were no pending litigations against the company that impacts on its financialposition as at March 31 2021.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

ANNEXURE A TO THE AUDITORS' REPORT

(Referred to in the standalone Independent Auditors' Report of even date to theShareholders of EASY FINCORP LIMITED on the standalone financial statements as ofand for the year ended on March 31 2021)

(i) The company does not have any fixed assets and therefore clause 3(i) of TheCompanies (Auditors Report) Order 2016 is not applicable.

(ii) The company does not have any inventories and therefore clause 3(ii) of TheCompanies (Auditors Report) Order 2016 is not applicable

(iii) In respect of the loans granted by the company covered in the register maintainedunder section 189 of the Companies Act 2013 (‘the Act')

a. In our opinion the rate of interest and other terms and conditions on which theloans had been granted were not prima facie prejudicial to the interest of the Company.b. In our opinion the borrowers have been regular in the payment of the principal andinterest as stipulated. c. There are no overdue amounts in respect of the loansgranted to body corporate.

(iv) Based on the information provided to us records as furnished to us to the bestof our knowledge the company has complied with the provisions of section 185 and 186 ofthe Companies Act 2013 in respect of loans investments guarantees and security.

(v) The company has not accepted any deposit from the public within meaning of Section73 to 76 of the Act or any relevant provisions of the Act and the Companies (Acceptance ofDeposit) Rules 2015 with respect to the deposits accepted from the public.

(vi) Maintenance of cost records pursuant to the Rules made by the Central Governmentfor the maintenance of cost records under Section 148 (1) of the Act is not applicable tothe company during the year under audit

(vii) (a) As per the records examined by us explanations provided to us the companyis regular in depositing with appropriate authorities undisputed statutory dues includingprovident fund income tax service tax cess and other material statutory dues applicableto it. According to information and explanations provided to us no undisputed amountspayable in respect of provident fund income tax service tax cess and other materialstatutory dues were in arrears as on 31st March 2021 for a period more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us there were no pendingdues of disputed statutory liabilities that were not deposited at the year end.

(viii) The company has not borrowed from banks/Financial institutions and thereforeclause 3(viii) of The Companies (Auditors Report) Order 2016 is not applicable.

(ix) The company has not raised monies by way of Public issue/follow on offer duringthe year. The company has not taken term loans and therefore clause 3(ix) of The Companies(Auditors Report) Order 2016 is not applicable.

(x) During the course of our examination of books and records of the Company carriedout in accordance with the generally accepted auditing practices in India and accordingto the information and explanations given to us we have neither come across any instanceof material fraud on or by the company noticed or reported during the year nor have webeen informed of any such case by the management.

(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with Schedule V to the Act.

(xii) The company is not a "Nidhi Company" and therefore clause (xii) of CAROis not applicable.

(xiii) As per the information and explanations in respect of Related Parties providedto us in our opinion the company has disclosed Related Party Transactions in accordancewith the applicable accounting standard.

(xiv) The company has not made private placement of shares in accordance with theprovisions of section 42 of the Act during the year under review.

(xv) Based upon the audit procedures performed and the information and explanationgiven by the management the company has not entered into any non cash transactions withdirectors or persons connected with him. Accordingly the provisions of clause 3 (xv) ofthe Order are not applicable to the Company and hence not commented upon.

(xvi) In our opinion the company is not required to be registered under section 45-IAof the Reserve Bank of India Act 1934.

ANNEXURE - B TO THE AUDITORSf REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (gthe Acth)

We have audited the internal financial controls over financial reporting of EASYFINCORP LIMITED ("the Company") as of 31 March 2021 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate.

Managementfs Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered

Accountants of India (‘ICAI'). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the orderly and efficient conduct of its business includingadherence to company's policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation of reliable financial information as required under theCompanies Act 2013. .

Auditorsf Responsibility

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 performingprocedures to obtain audit evidence about the adequacy of the internal financial controlssystem over financial reporting and their operating effectiveness. Our audit of internalfinancial controls over financial reporting included obtaining an understanding ofinternal financial controls over financial reporting assessing the risk that a materialweakness exists and testing and evaluating the design and operating effectiveness ofinternal control based on the assessed risk. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. We believe that the audit evidence wehave obtained is sufficient and appropriate to provide a basis for our audit opinion onthe Company's internal financial controls system over 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 accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to 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 authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany's 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 financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2021 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

FOR HAREN PAREKH & CO.

CHARTERED ACCOUNTANTS

FIRM REG. NO: 114075W

HAREN I. PAREKH

PROPRIETOR

MEMBERSHIP NO: 30009

MUMBAI

DATED: 22/06/2021

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