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Quest Financial Services Ltd.

BSE: 539962 Sector: Financials
NSE: N.A. ISIN Code: INE064D01012
BSE 00:00 | 13 Jun Quest Financial Services Ltd
NSE 05:30 | 01 Jan Quest Financial Services Ltd
OPEN 0.45
PREVIOUS CLOSE 0.45
VOLUME 144264
52-Week high 0.57
52-Week low 0.25
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 0.45
CLOSE 0.45
VOLUME 144264
52-Week high 0.57
52-Week low 0.25
P/E
Mkt Cap.(Rs cr) 6
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Quest Financial Services Ltd. (QUESTFINANCIAL) - Auditors Report

Company auditors report

To

The Members of Quest Financial Services Limited

Report on the Audit of the Ind AS Financial Statements

Opinion

We have audited the accompanying Ind AS financial statements of "Quest FinancialServices Limited" ("the Company") which comprise the Balance Sheet as at31st March 2021 the Statement of Profit and Loss (including Other Comprehensive Income)the Cash Flow Statement and the Statement of Changes in Equity for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "the Ind ASfinancial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS 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 of the state of affairs of the Companyas at 31st March 2021 and their profit total comprehensive income their cash flows andstatement of changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Ind AS FinancialStatements section of our report. We are independent of the Company in accordance with theCode of Ethics issued by the Institute of Chartered Accountants of India and we havefulfilled our ethical responsibilities in accordance with these requirements and the Codeof Ethics. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our opinion

Management's Responsibility for the Ind AS Financial Statements

The Company's Board of Directors is responsible for the preparation of these Ind ASfinancial statements in terms of the requirements of the Companies Act 2013 (hereinafterreferred to as ''the Act") that give a true and fair view of the financial positionfinancial performance including other comprehensive income cash flows and statement ofchanges in equity of the Group in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act. The respective Board of directors of the companies included in theGroup are responsible for of adequate

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid Ind AS financial statements have been kept so far as it appears from ourexamination of those books and the reports of the other auditors.

c) The Balance Sheet the Statement of Profit and Loss (including Other ComprehensiveIncome) the Cash Flow Statement and the Statement of Changes in Equity dealt with by thisReport are in agreement with the relevant books of account maintained for the purpose ofpreparation of the Ind AS financial statements

d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act read with Companies (IndianAccounting Standards) Rules 2015 as amended.

e) On the basis of the written representations received from the directors as on 31stMarch 2021 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2021 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 and the operating effectiveness of such controls; refer to our separate Reportin "Annexure B" to this report.

g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditor's) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Ind AS financial statements disclose the impact of pending litigations on thefinancial position of the Company in accordance with the generally accepted accountingpractice.

ii) The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

iii) There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Verma S & Associates

Chartered Accountants ICAI Firm Registration No.: 328962E

(CA Sennit Kumar Verma)

(Proprietor) Membership No: 302320 Date: 29.06.2021 Kolkata

UDIN : 21302320AAAACS9106

Annexure- A

ANNEXURE - A referred to in paragraph 1 under the section 'Report on Other Legal andRegulatory

Requirements' of our report of even date:

On the basis of such checks as we considered appropriate and according to theinformation and explanation given to us during the course of our audit we report that:

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

(b) As explained to us the Company has a system of verifying all its major fixedassets at reasonable intervals. The fixed assets so scheduled for verification during thisyear have been physically verified by the management. No discrepancies noticed on suchverification.

(ii) As explained to us the inventories were physically verified during the year bythe management at reasonable intervals and no material discrepancies were noticed onphysical verification.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability partnerships or other parties covered in the Register maintained undersection 189 of the Act. Accordingly the provisions of clause 3 (iii) (a) to (c) of theOrder are not applicable to the Company and hence not commented upon.

(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 Companies Act 2013in respect of loans investments guarantees and security as applicable. The company hasnot granted any security in terms of Section 185 and 186 of the Companies Act 2013

(v) 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 tire deposits accepted from the public are not applicable

(vi) 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.

(vii) According to the information and explanations given to us and records examined byus the company is generally depositing with appropriate authorities undisputed statutorydues including provident fund investors education and protection fund employees’stale insurance income tax sales tax wealth tax service tax custom duty excise dulycess and any other statutory dues with the appropriate authorities.

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of dues to banks. The Company has not takenany loan either from financial institutions or from the government and has not issued anydebentures.

(ix) Based upon the audit procedures performed and the information and explanationsgiven by the management the company has not raised moneys by way of initial public offeror further public offer including debt instruments and term Loans. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

(x) Based upon the audit procedures performed by us for expressing our opinion on thesefinancial statements and information and explanations given by the management we reportthat no fraud on or by the company has been noticed or reported during course of ouraudit.

(xi) 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 2013.

(xii) The Paragraph 3(xii) of the order is not applicable since the Company is not theNidhi Company.

(xiii) According to the information and explanations given by the managementtransactions with the related parties are in compliance with section 177 and 188 ofCompanies Act 2013 where applicable and the details have been disclosed in the notes tothe financial statements as required by the applicable accounting standards.

(xiv) Based on the information and explanations given to us by the management theCompany has not made any preferential allotment or private placement of shares or fully orpartly convertible debentures during the year under review. Accordingly the provisions ofclause 3 (xiv) of the Order are not applicable to the Company and hence not commentedupon.

(xv) 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 as referred to in section 192 of Companies Act2013.

(xvi) The company is a Non-Banking Financial Institution without accepting PublicDeposits registered under section 45 IA of the Reserve Bank of India Act 1934 havingvalid Certificate of Registration.

For Verma S & Associates Chartered Accountants ICAI Firm Registration No.: 328962E

CA Sumit Kumar Verma)

(Proprietor) Membership No.: 302320 Date; 29.06.2021 Kolkata

UDIN : 21302320AAAACS9106

ANNEXURE B

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act") in conjunction with our audit of theInd AS financial statements of the Company as of and for the year ended 31st March 2021we have audited the internal financial controls over financial reporting of QuestFinancial Services Limited (hereinafter referred to as "the Company") which iscompany incorporated in India as of 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 (ICAI). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the respective company's policies the safeguarding ofits 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 Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the "Guidance Note") and the Standards on Auditing prescrib'd undersection 143(10) of the Companies Act 2013 to the extent applicable to an audit ofinternal financial controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe 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 judgement including the assessment of the risks ofmaterial 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 internal financial controls system overfinancial reporting with reference to theses financial statements.

Meaning of Internal Financial Controls over Financial Reporting With Reference to theseFinancial Statements

A company's internal financial control over financial reporting with reference to thesefinancial statements is a process designed to provide reasonable assurance regarding thereliability of financial reporting and the preparation of financial statements forexternal purposes in accordance with generally accepted accounting principles. A company'sinternal financial control over financial reporting with reference to these financialstatements includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company arc being made only inaccordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting WithReference to these Financial Statements

Because of the inherent limitations of internal financial controls over financialreporting with reference to these financial statements including the possibility ofcollusion or improper management override of controls material misstatements due to erroror fraud may occur and not be detected. Also projections of any evaluation of theinternal financial controls over financial reporting with reference to these financialstatements to future periods are subject to the risk that the internal financial controlover financial reporting with reference to these financial statements may becomeinadequate because of changes in conditions or that the degree of compliance with thepolicies or procedures may deteriorate.

Opinion

In our opinion to the best of our information and according to the explanations givento us has in all material respects an adequate internal financial controls system overfinancial reporting with reference to these financial statements and such internalfinancial controls over financial reporting with reference to these financial statementswere operating effectively as at 31 st March 2021 based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For Verma S & Associates Chartered Accountants ICAI Firm Registration No : 328962E

(CA Sumit Kumar Verma)

(Proprietor) Membership No.: 302320 Dale: 29.06.2021 Kolkata

UDIN : 21302320AAAACS9106

.