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First Financial Services Ltd.

BSE: 511369 Sector: Financials
NSE: N.A. ISIN Code: INE141N01025
BSE 05:30 | 01 Jan First Financial Services Ltd
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First Financial Services Ltd. (FIRSTFINANCIAL) - Auditors Report

Company auditors report

Independent Auditor's Report on the Quarterly and Year to Date Audited FinancialResults of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligation andDisclosure Requirements) Regulations 2015 as amended.

To

The Board of Directors

Report on the audit of the financial Results

Opinion

We have audited the accompanying Statement of Audited Financial Results for the Quarterand Year Ended March 31 2020 ("Statements") of FIRST FINANCIALS SERVICES LTD(the "Company") attached herewith being submitted by the Company pursuant tothe requirement of Regulation 33 of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 as amended (the "Listing Regulations").

In our opinion and to the best of our information and according to the explanationsgiven to us the statements:

i. is presented in accordance with the requirements of the Listing Regulations in thisregard ; and

ii. Give a true and fair view in conformity with the applicable accounting standardsand other accounting principles generally accepted in India of the profit and othercomprehensive income and other financial information of Company for the quarter and yearended March 31 2020.

Basis for Opinion

We conducted our audit in accordance with the standards on Auditing (SAs) specifiedunder section 143 (10) of the Companies Act 2013 as amended ("the Act"). Ourresponsibilities under those Standards are further described in the "Auditor'sResponsibilities for the audit of the financial Results" section of our report. Weare independent of the Company in accordance with the Code of Ethics issued by theInstitute of Chartered Accountants of India together with the ethical requirements thatare relevant to our audit of the financial statements under the provisions of the Act andthe Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics.

We believe that the audit evidence obtained by us is sufficient and appropriate toprovide a basis for our opinion.

Management's Responsibility for the Financial Results

The Statements has been prepared on the basis of the annual financial statements. TheBoard of Directors of the Company are responsible for the preparation and presentation ofthe Statements that gives a true and fair view of the net profit and other comprehensiveincome of the Company and other financial information in accordance with the applicableaccounting standards prescribed under Section 133 of the Act read with relevant rulesissued there under and other accounting principles generally accepted in India and incompliance with Regulation 33 of the Listing Regulations. This responsibility alsoincludes maintenance of adequate accounting records in accordance with the provision ofthe Act for safeguarding of the assets of Company and for preventing and detecting fraudsand other irregularities; selection and application of appropriate accounting policiesmaking judgments and estimates that are reasonable and prudent; and the designimplementation and maintenance of adequate internal financial controls that wingeffectively for ensuring the accuracy) rid completeness of the accounting records relevantto the preparation and presentation of the Statement that give a true and fair view andfree material misstatements whether due to fraud or error.

In preparing the Statements the Board of Directors are 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 the Boardof Directors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financialreporting process.

Auditor's responsibilities for the Audit of the financial Results

Our objectives are to obtain reasonable assurance about whether the Statements as awhole are free from material misstatement whether due to fraud or error and to issue anAuditor's Report that includes our opinion. Reasonable assurance is a high level ofassurance but is not a guarantee that an Audit conducted in accordance with SAs willalways detect a material misstatement when it exists. Misstatements can arise from fraudor error and are considered material if individually or in the aggregate they couldreasonably be expected to influence the economic decisions of users taken on the basis ofthese 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 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls with reference to financial statements in place andthe operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial results or if such disclosures are inadequate tomodify our opinion our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of the statementincluding the disclosures and whether the statement represents the underlyingtransactions and events in a manner that achieves fair presentation.

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.

Other Matter

The Statement includes the results for the quarter ended March 31 2020 being thebalancing figure between the audited figures in respect of the full financial year March31 2020 and the published unaudited year-to date figures up to the third quarter of thecurrent financial year which were subjected to a limited review by us as required underthe Listing Regulations.

For Singhal & Sewak UDIN NO-20410183AAAAAU6847
Chartered Accountants
F.R.N-011501C
Sd/-
CA. Abhishek Sewak
Partner
Membership No-410183
Place: - Chennai
Date: - 30/06/2020

Annexure A to the Auditor's Report

On the basis of such checks as we considered appropriate and in terms of informationand explanation given to us we state that:

i) a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) All the assets have been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable: according to the information andexplanations given to us no material discrepancies were noticed on such verification.

c) According to the information and explanations given to us and on the basis of ourexamination of the record of the Company the title deeds of immovable properties are heldin the name of the Company.

ii) Since the company is a service company. Accordingly it does not hold any physicalinventories except shares. Thus paragraph 3(ii) of the Order is not applicable to theCompany.

iii) According to the information and explanation given to me the Company had notgranted loan to any of the companies firms and other parties covered in the registermaintained under section 189 and hence provisions of Clause 3(iii) of the Order are notapplicable to the Company.

iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectsto the grant of loans making investment and providing guarantees and securities asapplicable.

v) In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public within the meaning of Sections 73 7475 and 76 of the Act and the Rules framed there under to the extent notified. Thusprovisions of the Clause 3(v) of the Order are not applicable to the Company.

vi) On the basis of available information and explanation provided to us maintenanceof cost records has not been specified by the Central Government under sub-section (1) ofthe Section 148 of the Companies Act 2013 for the business activities carried out by theCompany. Thus reporting under Clause 3(vi) of the Order is not applicable to the Company.

vii) According to the information and explanations given to us in respect of statutorydues:

a) The Company is generally regular in depositing statutory dues including providentfund employees ‘state insurance income-tax and other statutory dues applicable toit with the appropriate authorities.

b) There was no undisputed amount payable in respect of provident fund income-tax andother statutory dues in arrear as at March 31 2020 for a period more than six months fromthe date they became payable.

viii) According to the information and explanations given to us the company has notaccepted any loans or borrowings from financial institutions bank and government or hasnot issued any debentures during the year. Hence reporting under Clause 3(viii) of theOrder is not applicable to the Company.

ix) The Company did not raised any money by way of initial public offer or furtherpublic offer including debt instruments) and term loans during the year. Accordinglyreporting under Clause 3(ix) of the Order is not applicable to the Company.

x) To the best of our knowledge and according to the information and explanations givento us no fraud byte Company or no material fraud on the Company by its officers oremployees has been noticed or reported during the year.

xi) The Company has paid/provided managerial remuneration in accordance with therequisite approvals mandated by the provision of the Section 197 read with Schedule V ofthe Act.

xii) The Company is not a Nidhi Company and hence reporting under Clause 3(xii) of theOrder is not applicable to the Company.

xiii) The Company has entered into the transaction with the related parties incompliance with the provisions of the Section 177 and 188 of the Act. The details of suchrelated party transactions have been disclosed in the financial statements as required bythe applicable accounting standards.

xiv) 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 3(xiv) of the Order is not applicable to the Company.

xv) The Company has not entered into any non-cash transactions with its directors orthe persons connected with directors and hence reporting under Clause 3(xv) of the Orderis not applicable to the Company.

xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the reserve Bank of India Act 1934.

For M/s Singhal & Sewak

Chartered Accountant

Firm Reg. No. 011501C

Sd/-

CA Abhishek Sewak

Partner M.N. 410183

Place: Chennai

Date: 30/06/ 2020

UDIN NO-20410183AAAAAU6847