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Esquire Money Guarantees Ltd.

BSE: 512439 Sector: Financials
NSE: N.A. ISIN Code: N.A.
BSE 05:30 | 01 Jan Esquire Money Guarantees Ltd
NSE 05:30 | 01 Jan Esquire Money Guarantees Ltd

Esquire Money Guarantees Ltd. (ESQUIREMONEY) - Auditors Report

Company auditors report


The Members of

ESQUIRE MONEY GAURANTEES LIMITED Report on the Audit of Financial Statements Opinion

We have audited the accompanying financial statements of ESQUIRE MONEY GAURANTEESLIMITED ("the Company") which comprise the Balance Sheet as at March 312020 and the Statement of Profit and Loss the Statement of Changes in Equity for theyear then ended and a summary of the significant accounting policies and other explanatoryinformation.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2020 and its loss and the changes inequity for the year ended on that date.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit 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. Wehave determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including Annexures to Board's Report Business Responsibility Report but does notincludethe financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we donot express any formof assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information; we are required to report that fact. We havenothing to report in this regard.

Management's Responsibility of the Financial Statements

The Company's Board of Directors are responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese financial statements that give a true and fair view of the Financial Position andFinancial Performance and the statement of Changes in Equity of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandardsspecified under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement 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 the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

The Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's 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 an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

- Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

- Obtain an understanding of internal financial control relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

- Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by the management.

- Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe 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 auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

- Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the financial statements thatindividually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the financial statements may be influenced. We considerquantitative materiality and qualitative factors in (i) planning the scope of our auditwork and in evaluating the results of our work; and (ii) to evaluate the effect of anyidentified misstatements in the financial statements.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. Requirements of Companies (Auditor's Report) Order 2016 (‘the Order') issuedby the Central Government of India in terms of sub-section (11) of section 143 of the Actare not applicable.

2. As required by section 143(3) of the Act we further 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 Statement of Profit and Loss and Statement of Changes inEquitydealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid financial statements comply with the accountingstandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

e. On the basis of written representations received from the directors as on March 312020 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2020 from being appointed as a director in terms of section 164(2) of theAct.

f. In our opinion and to the best of our information and according to the explanationsgiven to us we report as under with respect to other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules2014:

i) The Company does not have any pending litigations which would impact its financialposition.

ii) The Company did not have any long-term contracts including derivative contracts assuch the question of commenting on any material foreseeable losses thereon does not arise.

iii) There has not been an occasion in case of the Company during the year under reportto transfer any sums to the Investor Education and Protection Fund. The question of delayin transferring such sums does not arise.

For R Bora & Co.
Chartered Accountants
Firm Regn. No. 03661N
Ruby Bora
Place : Mumbai Propreitor
Date : 12 th December 2020 Membership No. 515989

Annexure -"A" to Independent Auditor's Report

Statement referred to in paragraph 1 under the heading "Report and Other LegalRegulatory Requirements" of Auditor's Report on even date to the Members of ESQUIREMONEY GAURANTEES LIMITED.

1. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of property plant and equipment.

b) The property plant and equipment have been physically verified by the managementduring the year which in our opinion is reasonable having regard to the size of theCompany and the nature of its assets. According to the information and explanations givento us no material discrepancies were noticed on such verification.

c) The title deeds of immovable properties are held in the name of the Company.

2. The Company has inventory of equity shares held in physical form.

As explained to us the inventories of goods were verified at regular intervals by theManagement and no material discrepancies were noticed on physical verification of stocksas compared to book records.

3. The Company has maintained complete disclosure in register in respect totransactions with companies firms or any such parties during the year covered in theregister maintained u/s 189 of the Act.

4. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

5. The Company has not accepted any deposits within the meaning of sections 73 to 76or any other relevant provisions of the Act and the rules framed there under or any otherrelevant provisions of the Act and the rules framed there under are not applicable.

6. In our opinion the Company does not require to maintain the cost records asrequired under section 148(1) of the Act.

7. a) As per records of the Company and according to the information and explanationsgiven to us the Company is regular in depositing undisputed applicable statutory duesincluding Provident Fund ESI Income-tax Sales-tax Service Tax Custom duty ExciseDuty VAT Cess and any other statutory dues with the appropriate authorities and thereare no undisputed amount in arrears as on 31st March 2020 for a period of more than sixmonths from the date they became payable.

b) According to the information and explanations given to us there are no cases of nondeposit with the appropriate authorities of disputed dues of Income tax Sales taxService tax Custom duty Excise duty VAT or Cess.

8. In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of Loans or borrowings to financialinstitutions banks. The company has not raised any debentures.

9. According to the information and explanations given to us the Company has notraised moneys by way of initial public offer further public offer including debtinstruments and term loan during the year.

10. During the course of our examination of the books of account carried out inaccordance with the generally accepted auditing practices in India we have neither comeacross any instance of fraud on or by the Company nor we have been informed of such caseby the management.

11. The company during the year has paid managerial remuneration to its directors inexcess of the limit specified in section 197 of the Companies Act 2013. The excessremuneration paid/provided during the year to its director has been approved by theMembers of the Company in the Extra-ordinary General Meeting.

12. The Company is not a Nidhi Company and hence reporting under clause (xii) ofParagraph 3 of the Order is not applicable.

13. In our opinion and according to the information and explanations given to us theCompany's transactions with its related party are in compliance with Sections 177 and 188of the Companies Act 2013 where applicable and details of related party transactionshave been disclosed in the financial statements etc. as required by the applicable Indianaccounting standards.

14. During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures and hence reporting underclause (xiv) of Paragraph 3 of the Order is not applicable to the Company.

15. In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsdirectors or persons connected with him and hence reporting under clause (xv) of Paragraph3 of the Order is not applicable to the Company.

16. In our opinion and according to information and explanations provided to us theCompany is not required to be registered under section 45-IA of the Reserve Bank of IndiaAct 1934.

For R Bora & Co.
Chartered Accountants
Firm Regn. No. 03661N
Ruby Bora
Place : Mumbai Propreitor
Date : 12 th December 2020 Membership No. 515989