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SPS Finquest Ltd.

BSE: 538402 Sector: Financials
NSE: N.A. ISIN Code: INE502O01018
BSE 00:00 | 18 Aug 97.80 -5.00
(-4.86%)
OPEN

97.80

HIGH

97.80

LOW

97.80

NSE 05:30 | 01 Jan SPS Finquest Ltd
OPEN 97.80
PREVIOUS CLOSE 102.80
VOLUME 102
52-Week high 145.90
52-Week low 62.00
P/E 7.15
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 97.80
CLOSE 102.80
VOLUME 102
52-Week high 145.90
52-Week low 62.00
P/E 7.15
Mkt Cap.(Rs cr) 99
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

SPS Finquest Ltd. (SPSFINQUEST) - Auditors Report

Company auditors report

To the Members of SPS Finquest Limited

Report on the Audit of the Ind AS Financial Statements Opinion

We have audited the accompanying financial statements of SPS FINQUEST LTD ("theCompany") which comprise the Balance Sheet as at 31st March 2021 the Statement ofProfit and Loss (including Other Comprehensive Income) Statement of changes in Equity andthe Cash Flow Statement for the year then ended and a summary of the significantaccounting policies and other explanatory information (herein after referred to as"the financial statements").

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by theCompanies Act 2013 ("the Act") in the manner so required and give a true andfair view in conformity with the Indian Accounting Standard under section 133 of the Actread with the Companies (Indian Accounting Standard) Rules 2015 as amended ("IndAS") and other accounting principles generally accepted in India of the state ofaffairs of the Company as at 31st March 2021 the profit and other comprehensive incomechanges in equity and its cash flows for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion on the financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.There are no key audit matters to be communicated in our report.

Information other than financial statements and Auditors Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises of the information included in the ManagementDiscussion and Analysis Board's Report including Annexure to Board's Report CorporateGovernance and Shareholder's Information but does not include the financial statementsand our auditor's report thereon. Our opinion on the financial statements does not coverthe other information and we do not express any form of assurance or conclusion thereon.

In connection with our audit of the standard financial statements our responsibilityis to read the other information and in doing so consider whether the other informationis materiality inconsistent with the financial statements or our knowledge obtained duringthe course of our audit or otherwise appears to be materiality misstated. If based on thework we have performed we conclude that there is a material misstatement of this otherinformation we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese financial statements that give a true and fair view of the state of affairs profit(including other comprehensive income) Statement of changes in Equity and cash flows ofthe Company in accordance with the accounting principles generally accepted in Indiaincluding the Indian Accounting Standards (Ind AS) specifies under Section 133 of the Act.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets 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 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 managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process

Auditor's Responsibility for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial 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 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 control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial control in place and the operatingeffectiveness of such controls

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions 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.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

A. As required by the Companies (Auditor's Report) Order 2016 ("theOrder") issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the "Annexure A" a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

B. As required by Section 143(3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to thebest of our knowledge and belief were necessary for the purposes of our audit.

b) In our opinion proper books of account as required by law have been kept bythe Company so far as it appears from our examination of those books.

c) The Balance Sheet statement of Profit and Loss Account including OtherComprehensive Income Statement of changes in Equity and the statement of Cash Flow dealtwith by this Report is in agreement with the relevant books of account.

d) In our opinion the aforesaid financial statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014.

e) On the basis of the written representations received from the directors as on31st March 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 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 the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact itsfinancial position as on 31st March 2021.

ii. The Company did not have any long-term contracts including derivativecontracts for which 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.

C. With respect to the matter to be included in the Auditors' Report underSection 197(16) of the Act:

In our opinion and according to the information and explanations given to us theremuneration paid by the Company to its directors during the current year is in accordancewith the provisions of Section 197 of the Act. The remuneration paid to any director isnot in excess of the limit laid down under Section 197 of the Act. The Ministry ofCorporate Affairs has not prescribed other details under Section 197(16) which arerequired to be commented upon by us.

For Kochar & Associates
Chartered Accountants
FRN No.105256W
Sd/-
CA. Piyush Kochar
Partner
M. No. 106049
UDIN: 21106049AAAACS4435
Place: Mumbai
Date: 25/06/2021

ANNEXURE A TO THE INDEPENDENT AUDITOR'S REPORT

[Referred to in paragraph 1 under ‘Report on other Legal and RegulatoryRequirements' in the Independent Auditor's Report of even date to the members of SPSFinquest Ltd. ("the Company") on the financial statements for the period endedMarch 31 2021.]

i. In Respect of its fixed assets:

a. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets.

b. The fixed assets have been physically verified by the management atreasonable intervals. No material discrepancies were noticed on such verification. In ouropinion the frequency of verification is reasonable.

c. The company does not hold any immovable properties.

ii. The management has physically verified stocks of shares and debentures. Inour opinion the frequency of verification is reasonable. No material discrepancies werenoticed on such verification.

iii. According to the information and explanation given to us the company hasnot advanced Unsecured Loans to the Companies or other parties maintained under Section189 of the Companies Act 2013.

iv. In our opinion and according to the information and explanations given tous the Company has complied with the provisions of section 185 and 186 of the Act withrespect to the loans and investments made.

v. The Company has not accepted any deposits from the public during the periodunder review.

Accordingly paragraph 3(v) of the order is not applicable.

vi. To the best of our knowledge and as explained to us the Central Governmenthas not prescribed the maintenance of cost records under section 148 (1) of the CompaniesAct 2013 for the products of the company. Accordingly paragraph 3(vi) of the order is notapplicable.

vii. In respect of statutory dues:

The Company is generally regular in depositing with appropriate authorities undisputedstatutory dues including income tax goods and service tax provident fund investoreducation and protection fund employee's state insurance cess and other materialstatutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of income tax provident fund investor education and protection fundemployees state insurance cess and other undisputed statutory dues were outstanding atthe period end for a period of more than six months from the date they became payable.

According to the information and explanation given to us there are no dues of incometax service tax provident fund investor education and protection fund employees stateinsurance and cess that have not been deposited on account of any dispute.

viii. According to the records of the company examined by us and the informationand explanations given to us the company did not have any outstanding dues to financialinstitution or bank as at the balance sheet date. Further the Company has not issued anydebentures as at the balance sheet date.

ix. In our opinion and according to the information and explanations given tous the Company did not raise any money by way of initial public offer or further publicoffer (including debt instruments) or term loans during the year. Accordingly theprovisions of clause 3 (ix) of the Order are not applicable to the Company and hence notcommented upon.

x. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanation given to us we have neither come across anyinstance of fraud done by the company or any fraud done on the company by its officers oremployees noticed or reported during the year nor have we been informed of such case bythe management.

xi. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid / provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V of the Act.

xii. In our opinion and according to the information and explanations given tous the company is not a Nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the company transactions with related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

xv. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him requiring compliance withSection 192 of the Companies Act 2013.

xvi. The company being an NBFC is registered under Section 45-IA of the RBI Act1934.

For Kochar & Associates
Chartered Accountants
FRN No.105256W
Sd/-
CA. Piyush Kochar
Partner
M. No. 106049
UDIN: 21106049AAAACS4435
Place: Mumbai
Date: 25/06/2021

ANNEXURE B TO THE INDEPENDENT AUDITOR'S REPORT

Report on the Internal Financial Controls under Clause (i) of sub-section 3 of Section143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of SPSFinquest Ltd. (‘the Company') as of 31 March 2021 in conjunction with our audit ofthe financial 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 (‘ICAI').

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 the Company's policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and timely preparation of reliablefinancial information as required under the Companies Act 2013.

Auditors' Responsibility

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 issued by ICAI and deemed to beprescribed under Section 143 (10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols 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 auditors' judgment 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 Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that :-

1. pertain to the maintenance of records that in reasonable detail accuratelyand fairly reflect the transactions and dispositions of the assets of the company;

2. provide reasonable assurance that transactions are recorded as necessary topermit preparation of financial statements in accordance with generally acceptedaccounting principles and that receipts and expenditures of the company are being madeonly in accordance with authorizations of the 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

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

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 31 March 2021 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 Kochar & Associates
Chartered Accountants
FRN No.105256W
Sd/-
CA. Piyush Kochar
Partner
M. No. 106049
Place: Mumbai
Date: 25/06/2021

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