TO THE MEMBERS OF EASY FINCORP LIMITED
We have audited the accompanying standalone Ind AS financial statements of EASY FINCORPLIMITED ('the Company') which comprise the Balance Sheet as at 31st March 2019 theStatement of Profit and Loss (including other comprehensive income) the statement cashflows and the statement of changes in equity for the year then ended and notes to thefinancial statements including summary of the significant accounting policies and otherexplanatory information.
In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in ind AS of the state of affairs of the Companyas at March 31 2019 and its Loss and including the comprehensive income its cash flowsand the changes in equity for the 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
Key Audit Matters
Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.
Management's 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 adequate
accounting 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.
In preparing the financial statements management is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using going concern basis of accounting unless managementwither intends to liquidate the company or cease operations or has no realisticalternative but to do so Those board of directors are also responsible for overseeing thecompany's financial reporting process
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(hereinafter referred to as the "Order") and on the basis of such checks of thebooks and records of the Company as we considered appropriate and according to theinformation and explanations given to us we give in the Annexure A a statement on thematters specified in Paragraphs 3 and 4 of the Order.
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 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 toss 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 2019 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 ofSection 164 (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 opinionand to the best 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 2019.
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.
| ||FOR HAREM PAREKH & CO. |
| ||CHESTER ED ACCOUNTANTS |
|MUMBAI DATED: || |
| ||FIRM REG. NO: 114G75W |
| ||HAREN l. PAREKH |
| ||PROPRIETOR |
| ||MEMBERSHIP NO: 30009 |