To the Members of QGO FINANCE LIMITED.
Report on the Standalone Ind AS Financial StatementsOpinion
We have audited the accompanying standalone Ind AS financialstatements of QGO FINANCE LIMITED ("the Company) which comprise the BalanceSheet as on 31st March 2022 the Statement of Profit and Loss and Cash FlowStatement for the year ended and a summary of significant accounting policies and otherexplanatory information.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the Act?) in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India including Indian Accounting Standards (Ind AS?)specified under Section 133 of the Act of the state of affairs (financial position) ofthe Company as at 31 March 2022 and its profit and its cash flows for the year ended onthat date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditingspecified under Section 143(10) of the Act.
Our responsibilities under those standards are further described in theAuditor?s Responsibilities for the Audit of the Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI?) together with theethical requirements that are relevant to our audit of the financial statements under theprovisions of the Act and the rules thereunder and we have fulfilled our other ethicalresponsibilities in accordance with these requirements and the Code of Ethics. We believethat the audit evidence we have obtained is sufficient and appropriate to provide a basisfor our opinion.
Key Audit Matters Emphasis of Matter
We draw your attention to Note XII to the standalone financial resultswhich explains the uncertainties and the management?s assessment of the financialimpact due to the lockdown and other restrictions imposed by the government and conditionsrelated to COVID-19 pandemic situation for which a definitive assessment of the impact ishighly dependent upon the circumstances as they evolve in the subsequent period. Ouropinion is not modified in the respect of this matter.
Due to the COVID-19 pandemic and the lockdown and other restrictionsimposed by the Government and the local administration the audit processes were carriedout based on the remote access to the extent available/feasible and necessary records madeavailable by the management through digital medium. Our opinion is not modified in respectof the above matter.
Information other than the Financial Statements and Auditor?sReport thereon
The Company?s Board of Directors is responsible for thepreparation of the other information. The other information comprises the informationincluded in the Management Discussion and Analysis Board?s Report includingAnnexures to Board?s Report Business Responsibility Report Corporate Governance andShareholder?s Information but does not include the standalone financial statementsand our auditor?s report thereon.
Our opinion on the standalone financial statements does not cover theother information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the standalone financial statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the standalone financial statements orour knowledge obtained during the course of our audit or otherwise appears to bematerially misstated. If based on the work we have performed we conclude that there is amaterial misstatement of this other information we are required to report that fact. Wehave nothing to report in this regard.
Management?s Responsibility for the Standalone Ind AS FinancialStatements
The Management and Board of Directors of the Company are responsiblefor the matters stated in section 134(5) of the Companies Act 2013 (the act?)with respect to the preparation of these standalone Ind AS financial statements that givea true and fair view of the financial position financial performance and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Accounting Standards (Ind AS) specified under Section 133 of the Act readwith rule 7 of the Companies (Accounts) Rules 2015 (as amended).
This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgement and estimates that arereasonable and prudent; design implementation and maintenance of adequate internalfinancial control that are operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements Ind AS 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 reporting process.
Auditor?s Responsibility for the Audit of the Financial Statements
Our objectives 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 Standards on Auditing will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing weexercise professional judgment and maintain professional skepticism throughout the audit.We also:
Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal financial controls relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate internal financial controls system in place and theoperating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management?s 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 standalone financial statements or if such disclosures areinadequate to modify our opinion. Our conclusions are based on the audit evidenceobtained 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 presentation structure and content of thestandalone financial statements including the disclosures and whether the standalonefinancial statements represent the underlying transactions and events in a manner thatachieves fair presentation.
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 requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the standalonefinancial statements of the current period and are therefore the key audit matters. Wedescribe these matters in our auditor?s report unless law or regulation precludespublic disclosure about the matter or when in extremely rare circumstances we determinethat a matter should not be communicated in our report because the adverse consequences ofdoing so would reasonably be expected to outweigh the public interest benefits of suchcommunication.
Report on Other Legal and Regulatory Requirements
As required by the Companies (Auditor?s Report) Order 2016 (theOrder?) issued by the Central Government of India in terms of Section 143(11)of the Act we give in the Annexure "A" statement on the mattersspecified in paragraphs 3 and 4 of the Order. Further to our comments in Annexure A asrequired by section 143(3) of the Act we further 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 purpose of our audit;
(b) in our opinion proper books of account as required by law have beenkept by the Companyso far as appears from our examination of those books;
(c) the Balance Sheet Statement of Profit and Loss and cash flowstatement dealt with by this Report are in agreement with the books of account;
(d) in our opinion the aforesaid standalone financial statement complywith the applicable Accounting Standards specified under section 133 of the Act read withthe rule 7 of the Companies (Accounts) Rules 2015 (as amended).
(e) On the basis of written representations received from the directorsas on 31st March 2022 and taken on record by the Board of Directors none ofthe directors is disqualified as 31st March 2022 from being appointed as adirector in terms of section 164(2) of the Act.
(f) We have also audited the internal financial controls over financialreporting (IFCOFR) of the Company as on 31st March 2022 in conjunction with ouraudit of the standalone financial statements of the Company for the year ended on thatdate and our report as per "Annexure B" expressed an unmodified opinion.As required by Section 197(16) of the Act we report that the Company has paidremuneration to its directors during the year in accordance with the provisions of andlimits laid down under Section 197 read with Schedule V to the Act.
In our opinion and to the best of our information and according to theexplanations given to us we report as under with respect to other matters to be includedin the Auditor?s Report in accordance with the Rule 11 of the Companies (Audit andAuditors) Rules 2015 (as amended):
i. The Company does not have any pending litigations which would impacton its financialposition in its standalone Ind AS financial statements.
ii. The Company did not have any long-term contracts includingderivative contracts; as such the question of commenting on any material foreseeablelosses thereon does not arise.
iii. There has not been an occasion in case of the Company during theyear under the report to transfer any sums to the Investor Education and Protection Fund.The Question of delay in transferring such sums does not arise.
For Subramaniam Bengali &
CA Rajiv B. Bengali
Mem. No. 43998
UDIN NO.: 22043998AJMHMJ1782
Place : Mumbai
"ANNEXURE B" TO INDEPENDENT AUDITORS? REPORT OF EVEN DATE TO THE MEMBERS
OF QGO FINANCE LIMITED ON FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of
Section 143 ofthe Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of QGO
FINANCE LIMITED (FORMERLY KNOWN AS PARNAMI CREDITS LIMITED) ("theCompany") as of March 31 2022 in conjunction with our audit of the standalonefinancial statements of the Company for the year ended on that date.
Management?s Responsibility for Internal Financial Controls
The Company?s management is responsible for establishing and maintaining internalfinancial controls based on "the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India".
These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company?s policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Companies Act 2013.
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 specified under section143(10) of the Companies Act 2013 to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting was established and maintained and if such controls operatedeffectively in all material respects.
Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditor?s judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.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
A company's internal financial control over financial reporting is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that
- pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;
- provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorisations of management and directors of the company; and
- provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition use or disposition of the company's assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over FinancialReporting
Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
In our opinion and to the best of our information and according to theexplanations given to you 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 2022 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.
For Subramaniam Bengali &
Firm Regn No. 127499W
CA-Rajiv B. Bengali
M. No. 043998
UDIN No.: 22043998AJMHMJ1782
Place : Mumbai
Date : 16.05.2022