To the Members ofKENFINANCIAL SERVICES LIMITED Report on theAudit ofthe Financial Statements Opinion
We have audited thefinancial statements of KENFINANCIAL SERVICESLIMITED (the Company') which comprise the balancesheet as at 31 March2019 the statement of profit and loss and the cash flow statement for the year thenended andnotes to the financial statements includinga summary of significant accountingpolicies andother explanatory information.
In our opinion and to the best of our information and according to theexplanation given to us the aforesaid financial statements give the information requiredby the act in the manner so required and give a true and fair view in conformity with theaccounting principal generally accepted in India of the state of affairs of the companyas at March 31 2019 and profit/loss and its cash flows for the year ended on that date.
Basis for Opinion
We conducted our audit in accordance with the Standards onAuditing(SAs)specified under Section 143(10) of the Companies Act 2013.Ourresponsibilities under those Standardsare further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the company in accordance with the code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirement that are relevantto our audit of thefinancial statement under the provision of the Companies Act 2013 andthe Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the code of ethics. We believe that the auditevidence 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 professionaljudgement were of most significance in our audit of the financial statements of thecurrent period. These matters were addressed in thecontext of our audit of the financialstatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters.
There are no key Audit Matter to be communicated in the auditor'sreport.
Responsibilities of Management and Those Charged with Governance forthe Financial Statements
The Company's Board of Directors is responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (the Act) withrespect tothe preparationof 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 the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisionsof the Act for safeguarding of theassets 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 forassessing the company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the company or to ceaseoperations or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing thecompany's financial reportingprocess.
Auditor's Responsibilities for the Audit of the FinancialStatements
Our objective are to obtain reasonable assurance about whether thefinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonableassurance is a high level of assurance but is not a guarantee that an audit conducted inaccordance with SAs will always detect a material misstatementwhen itexists. Misstatementscan arise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expectedto influence the economic decisions of userstaken on the basis of these financial statements.
As part of an audit in accordance with SAs we expertise professionaljudgement and maintain professional skepticism throughout the audit. We also:
?Identify and assess the risks of material misstatement of thefinancial statements whether due to fraud or error design and perform audit procedureresponsive to those risks and obtain audit evidence that is sufficient and appropriate toprovide a basis for our opinion. The risk of not detecting a material misstatementresulting from fraud is higher than for one resulting from error as fraud may involvecollusion forgery intentional omissions misrepresentations or the override of internalcontrol.
?Obtain an understanding of internal control relevant to theaudit in order to design audit procedure that are appropriate in the circumstances.Undersection 143(3)(i) of the Companies Act 2013 we are also responsible for expressingour opinion on whether the company has adequate internal financial control system in placeand the operating effectiveness of such controls.
?Evaluate the appropriatenessof accounting policies used and thereasonableness of accounting estimates and related disclosure made by management.
?Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our auditor'sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidencesobtained up to the date of our auditor's report. However future events or conditionsmay cause the company to cease to continue as a going concern.
?Evaluate the overall presentations structure and content ofthe financial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirementsregarding independence and to communicatewith them all relationships and othermatters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order 2016(the Order) issued by the Central Government of India in terms of sub-section(11) of Section 143 of theCompaniesAct 2013 we give in the Annexure A a statementon the matters specified in paragraphs 3 and 4 of the order to the extent applicable.
2. As required bySection 143(3) of the Act we report that:
a. We have sought and obtained all the information and explanationswhich to the best of our Knowledge and belief were necessary for the purposes of ouraudit.
b. In our opinion proper books of account as required by law have beenkept by the Company so far as it appears from our examination of those books.
c. The Balance Sheet the Statement of Profit and Loss and the CashFlow Statement dealt with by this Report are in agreement with the books of account.
d. In our opinion the aforesaid financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.
e. On the basis of the written representations received from thedirectors as on 31st March 2019and taken on record by the Board of Directors none of thedirectors is disqualified as on 31st March 2019from being appointed as a director interms of Section 164 (2) of the Act.
f. With respect to the adequacy of the internal financialcontrol overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in Annexure B;
g. With respect to the other matters to be included in theAuditor's Report in accordance with Rule 11 of the Companies (Audit and Auditors)Rules 2014 in our opinion and to the best of our information and according to theexplanations given to us:
i. The Company does not have any pending litigations which would impactits financial position.
ii. The Company did nothave any long-term contracts includingderivative contracts for which there were any material foreseeable losses.
iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.
|For Motilal & Associates |
|Chartered Accountants |
|ICAI FRN: 106584W |
|Motilal Jain |
|Place: Mumbai |
|Date :30/05/2019 |