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Focus Suites Solutions & Services Ltd.

BSE: 540945 Sector: Others
NSE: N.A. ISIN Code: INE180Z01019
BSE 00:00 | 18 Mar 5.89 -0.05
(-0.84%)
OPEN

5.99

HIGH

6.09

LOW

5.65

NSE 05:30 | 01 Jan Focus Suites Solutions & Services Ltd
OPEN 5.99
PREVIOUS CLOSE 5.94
VOLUME 252000
52-Week high 39.00
52-Week low 5.65
P/E 3.90
Mkt Cap.(Rs cr) 8
Buy Price 5.65
Buy Qty 4000.00
Sell Price 5.70
Sell Qty 4000.00
OPEN 5.99
CLOSE 5.94
VOLUME 252000
52-Week high 39.00
52-Week low 5.65
P/E 3.90
Mkt Cap.(Rs cr) 8
Buy Price 5.65
Buy Qty 4000.00
Sell Price 5.70
Sell Qty 4000.00

Focus Suites Solutions & Services Ltd. (FOCUSSUITESSOL) - Auditors Report

Company auditors report

INDEPENDENT AUDITOR’S REPORT

To

The Members of

FOCUS SUITES SOLUTIONS & SERVICES LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of FOCUS SUITES SOLUTIONS& SERVICES LIMITED which comprise the Balance Sheet as at 31st March2018 the Statement of Profit and Loss and Cash Flow Statement for the year then endedand a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act’) with respect tothe preparation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of Companies (Accounts) Rules2014. This responsibility includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances but not for the purposeof expressing an opinion on whether the Company has in place an adequate internalfinancial controls system over financial reporting and the operating effectiveness of suchcontrols. An audit also includes evaluating the appropriateness of accounting policiesused and the reasonableness of the accounting estimates made by the Company’smanagement and Board of Directors as well as evaluating the overall presentation of thefinancial statements.

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

Opinion

In our opinion and to the best of our knowledge and according to the information andexplanations given to us the said financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India.

i. In the case of the Balance Sheet of the state of affairs of the Company as at March312018.

ii. In the case of Statement of Profit and Loss of the profit for the year ended onthat date and

iii. In the case of Cash Flow statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

As required by the Companies (Auditor’s Report) Order

2016 ("the Order") issued by the Central Government of India in terms ofsub-section (11) of Section143 of the Act we give in the Annexure "A" statementon the matters Specified in paragraphs 3 and 4 of the Order.

Further to our comments in the Annexure referred to above and as per Section 143(3) ofthe 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 purpose of our audit;

b) 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;

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this Report are in agreement with the books of account;

d) In our opinion the aforesaid standalone Balance Sheet and Profit and Loss accountdealt with by this report comply with the Accounting Standards referred to in Section 133of 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 March312018 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312018 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) In our opinion and to the best of our information and according to the explanationsgiven to us the said accounts give the information as required by the Rule 11 of theCompanies (Audit and Auditors) Rules 2014 in the manner so required and give a true andfair view and are in conformity with the accounting principles generally accepted inIndia.

For Ramanand& Associates
Chartered Accountants
Firm Registration No.: 117776W
CA Ramanand Gupta
Managing Partner
M. No.103975
Place: Mumbai
Date: 29th May 2018

"Annexure A" to the Independent Auditors’ Report

Referred to in paragraph 1 under the heading ‘Report on Other Legal &Regulatory Requirement’ of our report of even date to the financial statements of theCompany for the year ended March 312018:

1) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets;

(b) The Fixed Assets have been physically verified by the management in a phasedmanner designed to cover all the items over a period of three years which in ouropinion is reasonable having regard to the size of the company and nature of itsbusiness. Pursuant to the program a portion of the fixed asset has been physicallyverified by the management during the year and no material discrepancies between the booksrecords and the physical fixed assets have been noticed.

2) In our opinion and according to the information and explanation given to us sincethe company does not hold any inventories the provisions of clause is not applicable.

3) The Company has not granted loans secured or unsecured to companies firms LimitedLiability partnership or other parties covered in the Register maintained under section189 of the Act

4) In our opinion and according to the information and explanations given to us thecompany has complied with the provisions of section 185 and I86 of the Companies Act 2013in respect of loans investments guarantees and security.

5) The Company has not accepted any deposits from the public and hence the directivesissued by the Reserve Bank of India and the provisions of Sections 73 to 76 or any otherrelevant provisions of the Act and the Companies (Acceptance of Deposit) Rules 2015 withregard to the deposits accepted from the public are not applicable.

6) As informed to us the maintenance of Cost Records has not been specified by theCentral Government under sub-section (1) of Section 148 of the Act in respect of theactivities carried on by the company.

7) In respect of Statutory Dues :

According to the records of the Company the Company is regular in depositing withappropriate authorities undisputed statutory dues including Income Tax other taxes cessand statutory dues applicable to it as explained to us by the management. According to theinformation and explanations given to us no undisputed amounts payable in respect ofIncome - Tax Wealth Tax Service Tax Sales Tax Customs Duty Cess were outstanding asat 31st March 2018 for a period of more than six months from the date thosebecame payable except as mentioned below.

Nature of Dues Amount (Rs. in Lakhs)
Income Tax FY 2016-17 46.13

8) In our opinion and according to the information and explanations given to us theCompany has not defaulted in the repayment of dues to banks. The Company has not taken anyloan either from financial institutions or from the government and has not issued anydebentures.

9) Based upon the audit procedures performed and the information and explanations givenby the management the company had Raised ' 649.44 Lakhs through Intial Public Issue (IPO)by way of fresh issue of 3608000 Equity Shares at '18/- each (including share premium of' 8/- each per share). The Purpose of the IPO and its actual utilisation as at 31stMarch 2018 is mentioned as below

Particulars Proposed Utilisation Actual Utilisation
Investement in Subsidiaries 468.00 468.00
Issue Expenses 75.00 75.00
General Corporate Purpose 106.44 106.44
Total 649.44 649.44

There is no deviation/variation of IPO Proceeds from the objects as stated inProspectus.

10) Based upon the audit procedures performed and the information and explanationsgiven by the management we report that no fraud by the Company or on the company by itsofficers or employees has been noticed or reported during the year.

11) Based upon the audit procedures performed and the information and explanationsgiven by the management the managerial remuneration has been paid or provided inaccordance with the requisite approvals mandated by the provisions of section 197 readwith Schedule V to the Companies Act;

12) In our opinion the Company is not a Nidhi Company. Therefore the provisions ofclause 4 (xii) of the Order are not applicable to the Company.

13) In our opinion all transactions with the related parties are in compliance withsection 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements as required by the applicable accounting standards.

14) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year underreview. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable tothe Company and hence not commented upon.

15) Based upon the audit procedures performed and the information and explanationsgiven 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.

16) In our opinion the company is not required to be registered under section 45 IA ofthe Reserve Bank of India Act 1934 and accordingly the provisions of clause 3 (xvi) ofthe Order are not applicable to the Company and hence not commented upon.

For Ramanand & Associates
Chartered Accountants
Firm Registration No.: 117776W
CA Ramanand Gupta
Managing Partner
M. No. 103975
Place: Mumbai
Date: 29th May 2018

Annexure B to Independent Auditors’ Report

Referred to in paragraph 10(f) of the Independent Auditors’ Report of even date tothe members of Focus Suites Solutions & Services Limited on the financialstatements for the year ended March 312018

Report on the Internal Financial Controls under

Clause (i) of Sub-section 3 of Section 143 of the Act

1. We have audited the internal financial controls over financial reporting of FocusSuites Solutions & Services Limited ("the Company") as of March 31 2018in conjunction with our audit of the financial statements of the Company for the yearended on that date.

Management’s Responsibility for Internal Financial

Controls

2. The Company’s management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

Auditors’ Responsibility

3. 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 deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of internal financial controls and bothissued by the ICAI. Those Standards and the Guidance Note require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether adequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

4. Our audit involves performing procedures to obtain audit evidence about the adequacyof the internal financial controls system over financial reporting and their operatingeffectiveness .Our 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.

5. 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 controlssystem over financial reporting.

Meaning of Internal Financial Controls over Financial

Reporting

6. A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2)provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures 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

7. 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

8. 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 March 31 2018.

However the company does not have appropriate system manuals or predefined standardoperation procedure to maintain the efficacy and effectiveness of the internal financialcontrols throughout the year. Thus the company does not have formal internal financialcontrol over financial reporting based on our verification.

For Ramanand & Associates
Chartered Accountants
Firm Registration No.: 117776W
CA Ramanand Gupta
Managing Partner
M. No. 103975
Place: Mumbai
Date: 29th May 2018