The Members of Anupam Finserv Limited
(Formerly known as Vantage Corporate Services Limited) Report on the Audit of theFinancial Statements Opinion
1. We have audited the financial statements of Anupam Finserv Limited ("theCompany") which comprise the Balance Sheet as at 31st March 2019 thestatement of Profit and Loss for the year then ended and the statement of cash flows forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.
2. 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 accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2019 its profit for the yearended on that date and its cash flows for the year ended on that date.
Basis for Opinion
3. We conducted our audit in accordance with 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 ICAI's Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
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. Wehave determined the following matters to be the key audit matters to be communicated inour report:
|Sr. No. ||Key Audit Matter ||Auditor's Response |
|1. ||Evaluation of Loans and Advances Given: ||Principle Audit Procedures: |
| ||Being a non-banking finance Company holding registration under section 45IA of the Reserve Bank of India Act 1934 the loans and advances given by the Company constitute the major component out of the total assets of the Company. Therefore there is a significant inherent exposure of such risk- bearing assets to the uncertainties of default in interest or principle or both. ||Our Audit Procedures involved assessment of Company's policy and control system along with the review of procedures adopted for determining eligibility and thereafter sanctioning of the loans and advances. |
| || ||Furthermore we have selected a sample of loan agreements/ contracts and through inspection of evidence and material available and placed on record verified whether the same comply with set policies of the Company for determining the operating effectiveness of such controls. |
Information Other than the Financial Statements and Auditor's Report Thereon
4. The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in Management Discussion and AnalysisBoard's Report and Corporate Governance and Shareholder's Information which we obtainedprior to the date of this auditor's report but does not include the financial statementsand our auditor's report thereon.
5. Our opinion on the financial statements does not cover the other information and wedo not express any form of assurance conclusion thereon.
6. In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.
Management's Responsibility for the Financial Statements
7. 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 financial position andfinancial performance of the Company in accordance with the accounting principlesgenerally accepted in India including the accounting Standards specified under section133 of the Act. This responsibility also includes maintenance of adequate accountingrecords in accordance with the provisions of the Act for safeguarding of the assets of theCompany and for preventing and detecting frauds and other irregularities; selection andapplication of appropriate implementation and maintenance of accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.
8. 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.
9. Those Board of Directors are also responsible for overseeing the Company's financialreporting process.
Auditor's Responsibilities for the Audit of the Financial Statements
10. 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.
11. 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 but not for the purposeof expressing an opinion on the operating effectiveness of the entity's internal 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.
12. We communicate with those charged with governance regarding among other mattersthe planned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.
13. We also provide those charged with governance with a statement that we havecomplied with relevant ethical requirements regarding independence and to communicatewith them all relationships and other matters that may reasonably be thought to bear onour independence and where applicable related safeguards.
14. From the matters communicated with those charged with governance we determinethose matters that were of most significance in the audit of the financial statements ofthe current period and are therefore the key audit matters. We describe these matters inour auditor's report unless law or regulation precludes public disclosure about the matteror when 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
15. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act in our opinion and to thebest of our information and according to the explanations given to us the Company has notpaid/ provided for any remuneration to its directors during the year.
16. 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 ofthe Companies Act 2013 we give in the "Annexure A" statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
17. 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 the bestof 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 by theCompany so far as it appears from our examination of those books;
(c) the company has no branch offices whose accounts are audited by branch auditors;
(d) the Balance Sheet the Statement of Profit and Loss and the Statement of Cash Flowdealt with by this Report are in agreement with the books of account;
(e) in our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;
(f) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof Section 164 (2) of the Act.
(g) 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". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
(h) 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. there are no pending litigations against the Company.
ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;
iii. there has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.
For J. K. Shah & Co.
Firm's registration number: 109606W
Membership Number: 038480
ANNEXURE - A TO THE AUDITORS' REPORT
The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31st March 2019 we reportthat:
I. The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
These fixed assets have been physically verified by the management at regular intervalconsidering the size of the Company and nature of assets. No material discrepancies havebeen noticed on such verification.
According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company does not have any immovableproperties.
II. The Company is trading and dealing in securities. The securities held in dematform have been verified with the demat statement and the securities held in physical formhave been physically verified with share certificate by the management at reasonableintervals during the year. According to the information and explanations given to us andon the basis of our examination of the records of the Company the discrepancies noticedon physical verification between physical stock and the book records were not material andhave been adequately dealt with in the books of account.
III. The Company has granted loans to the companies firms Limited LiabilityPartnerships or other parties covered in the register maintained under section 189 of theAct. The terms and conditions thereof are not prejudicial to the interest of the Company.The principal and the interest have been paid as stipulated and there has been no overduein respect of principal and interest.
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 Act with respectto the investments made.
V. In our opinion and according to the information and explanations given to us theCompany during the year has not accepted the deposits from the public.
VI. According to the information and explanations given to us the Central Governmenthas not prescribed maintenance of cost records under section (1) of section 148 of theCompanies Act 2013 with respect to the Company.
VII. a. According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted / accrued in the books ofaccount in respect of undisputed statutory dues including Income tax have been regularlydeposited during the year by the Company with the appropriate authorities.
According to the information and explanations given to us no undisputed amountspayable in respect of such statutory dues were in arrears as at 31st March2019 for a period of more than six months from the date they became payable.
b. According to information and explanation given to us there are no disputed dueswith statutory authorities.
VIII. According to the information and explanations given to us and on the basis ofrecords of the Company it has not defaulted in repayment of dues to any financialinstitution banks government or debenture holders during the year
IX. The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.
X. According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit for the year.
XI. According to the information and explanations give to us and based on ourexamination of the records of the Company the company has not paid / provided anyManagerial Remuneration and accordingly the requisite approvals mandated by the provisionsof section 197 read with Schedule V to the Act are not required.
XII. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi company. Accordingly Clause (xii) of the Order is not applicable
XIII. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the 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. On the basis of examination of relevant records and according to the informationand explanations given to us the Company is required to be registered under section 45-IAof the Reserve Bank of India Act 1934 and holds a valid certificate of registration underthe same.
For J. K. Shah & Co.
Firm's registration number: 109606W
Membership number: 038480
ANNEXURE B TO THE AUDITORS' REPORT
Report on the Internal Financial Controls under Clause (i) of Sub-section (3) ofSection 143 of the Companies Act 2013 ("the Act")
We have audited the internal financial controls over financial reporting of AnupamFinserv Limited (formerly known as Vantage Corporate Services Limited) ("theCompany") as of 31st March 2019 in conjunction with our audit of thefinancial 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'). 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 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.
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 deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both 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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures 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
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.
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 31st March 2019based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.
For J. K. Shah & Co.
Firm's registration number: 109606W
Membership number: 038480
Independent Auditors' Report onQuarter and Annual Financial Results of the AnupamFinserv Limited (Formerly Known as Vantage Corporate Services Limited) Pursuant to theRegulation 33 of the SEBI (Listing Obligations and DisclosureRequirements)Regulations2015
The Board of Directors
(Formerly known as Vantage Corporate Services Limited)
We have audited the accompanying Statement of Financial Results of Anupam FinservLimited (formerly known as Vantage Corporate Services Limited)("theCompany") for the quarter and year ended 31st March 2019 together withthe notes thereon ("the Statement") attached herewith being submitted by thecompany pursuant to the requirement of the Regulation 33 of the SEBI (Listing Obligationsand Disclosure Requirements) Regulations 2015 as modified by Circular No.CIR/CFD/FAC/62/2016 dated July 5 2016.
This Statement which is the responsibility of the company's Management and approved bythe Board of Directors. The Statement as its related to the quarter ended 31stMarch 2019 has been compiled from the related interim financial statements which havebeen prepared in with Accounting Standard 25 " Interim Financial Reporting" andas its relates to the year ended 31st March 2019 has been compiled from therelated annual financial statements prepared in accordance with the Accounting Standardsprescribed under Section 133of the Companies Act 2013 read with the relevant rules issuedthereunder and other accounting principles generally accepted in India. Our responsibilityis to express an opinion on the Statement based on our audit of such financial statements.
We have conducted our audit in accordance with the Standards on Auditing issued by theInstitute of Chartered Accountants of India. Those standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statement is free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Statement. The procedures selected depend on the auditor'sjudgement including the assessment of the risk of material misstatement of the Statementwhether due to fraud or error. In making those risk assessments the auditors considersinternal control relevant to the Company's preparation and fair presentation of theStatement in order to design audit procedure that are appropriate in the circumstancesbut not for the purpose of expressing an opinion on the effectiveness of the Company'sinternal control. An audit also includes evaluating the appropriateness of the accountingprinciples used and the reasonableness of the accounting estimates made by the Managementas well as evaluating the overall presentation of the Financial Statement.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovides a basis for our audit opinion. In our opinion and to the best of our informationand according to the explanations given to us the Statement;
i. is presented in accordance with the requirements of Regulation 33 of the SEBI(Listing Obligations and Disclosure Requirements) Regulations 2015 as modified by CircularNo. CIR/CFD/FAC/62/2016 dated July 5 2016; and
ii. give a true and fair view in conformity with the aforesaid Accounting Standards andother accounting principles generally accepted in India of the profit and other financialinformation of the Company for the quarter and year ended 31st March 2019.
The Statement includes the results for the Quarter ended 31st March 2019being the balancing figure between audited figures in respect of the full financial yearand the published year to date figures up to the third quarter of the current financialyear which were subject to Limited Review by us.
ForJ K Shah & Co
Firm's Registration No. : 109606W
Membership No. 038480
Date: 29th May 2019