Mar 31, 2018
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying Standalone Ind AS financial statements of Wall Street Finance Limited (âthe Companyâ), which comprise the Balance Sheet as at 31st March 2018, 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 ended and a summary of the significant accounting policies and other explanatory information (herein after referred to as âstandalone Ind AS financial statementsâ). The financial statements for the year ended March 31, 2017 were audited and reported upon by another firm of Chartered Accountants vide their report issued on May 30, 2017. We have relied upon these financial statements for the purpose of opening balances as at April 01, 2017 which are regrouped or restated where necessary.
Managementâs Responsibility for the Ind AS Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these standalone Ind AS financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, cash flows and changes in equity of the Company in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued there under.
This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone Ind AS financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone Ind AS financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit of the standalone Ind AS financial statements in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the standalone Ind AS financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the standalone Ind AS financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the standalone Ind AS financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the standalone Ind AS financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone Ind AS financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including the Ind AS, of the state of affairs of the Company as at 31st March, 2018, and its profit, total comprehensive income, its cash flows and the changes in equity for the year ended on that date.
Emphasis of Matter
We draw attention to the following matters in the Notes to the financial statements:
Note No. 33 of the Financial Statements, relating to applicability of Service Tax on MTSS Commission Income as per CBEC Circular No. 180/06/2014 dated 14th October, 2014. The company has not provided for the service tax on such income for the reasons specified in the said note. The said business was sold by the Company during the current financial year.
Our opinion is not modified in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. 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 best 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 by the Company so far as it appears from our examination of those books;
(c) the balance sheet, the statement of profit and loss including other comprehensive income, the cash flow statement and statement of changes in equity dealt with by this Report are in agreement with the relevant books of account;
(d) in our opinion, the aforesaid Ind AS financial statements comply with the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rule issued there under;
(e) on the basis of the written representations received from the directors as on 31stMarch 2018 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March 2018 from being appointed as a director in terms of Section 164 (2) of the Act;
(f) with respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, refer to our separate report in âAnnexure Aâ; and
(g) with respect to the other matters to be included in the Auditorâs Report in accordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, as amended, in our opinion and to the best of our information and according to the explanations given to us:
i. The Company has discussed the impact of pending litigations on its financial position- Refer Note No. 32 to the Ind AS financial statements.
ii. The Company does not have any long term contracts including derivatives contracts for which there were any material foreseeable losses.
iii. There has been no delay in transferring amount, required to be transferred to the Investor Education and Protection Fund.
2. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government in terms of Section 143(11) of the Act, we give in âAnnexure Bâ a statement on the matters specified in paragraphs 3 and 4 of the Order.
Annexure - A to the Independent Auditorsâ Report on the Standalone Ind AS financial statements of Wall Street Finance Limited
(Referred to in paragraph 1 (f) under âReport on Other Legal and Regulatory Requirementsâ of our report of even date)
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (âthe Actâ)
We have audited the internal financial controls over financial reporting of Wall Street FinanceLimited (âthe Companyâ) as of 31st March 2018 in conjunction with our audit of the standalone Ind AS financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Companyâs internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the Ind AS financial statements, whether due to fraud or error.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companyâs internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A companyâs internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) 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 (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the companyâs 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 financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2018, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note.
Annexure - B to the Independent Auditorsâ Report on the Standalone Ind AS financial statements of Wall Street Finance Limited
(Referred to in paragraph 2, under âReport on Other Legal and Regulatory Requirementsâ section of our Report of even date)
(i) (a) The Company has generally maintained proper books and records showing full particulars, including quantitative details and situations of fixed assets
(b) The Company has a regular program of physical verification of its fixed assets by which all fixed assets are physically verified, periodically. In our opinion, periodicity of physical verification is reasonable having regard to the size of the Company and the nature of its business. According to information and explanations given to us, no material discrepancies were noticed on such verification;
(c) The title deeds of immovable properties of the company are held in the name of the company.
(ii) The inventory of foreign currency has been physically verified by the management at reasonable intervals. No discrepancies were noticed on physical verification of inventory of foreign currency, encashed travelers cheque and encashed currency card as compared to book records.
(iii) The company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register of maintained under Section 189 of the Companies Act 2013.
(iv) In our opinion and according to the explanations given to us, the Company has complied with the provisions of Section 185 and 186 of the Act in respect of grant of loans, making investments and providing guarantees and securities, as applicable.
(v) In our opinion and according to the information and explanations given to us, the company has not accepted any deposit from the public. In respect of deposits accepted earlier from public, in our opinion and according to the information and explanations given to us, the company has complied with the directions issued by the Reserve Bank of India
(vi) According to the information and explanation given to us, the Central Government vide Companies (Cost records and audit) Rules, 2014 has not prescribed the maintenance of cost records under sub-section (1) of section 148 of the Companies Act, 2013.
(vii) In respect of statutory dues:
(a) According to the information and explanation given to us and according to the records of the Company as examined by us, undisputed statutory dues including, income tax, custom duty, excise duty, service tax, goods and service tax, cess and other statutory dues have been regularly deposited during the year with the appropriate authorities. No undisputed amounts payable were outstanding as at March 31, 2018 for a period of more than six months from the date on which they become payable.
(b) According to the information and explanation given to us and based on the records of the Company examined by us, dues of income tax, VAT and other statutory dues outstanding as on March 31, 2018 which have not been deposited on account of any dispute are tabulated below:-
Name of Statute |
Nature of Dues |
Amount (R In Lakhs) |
Period to which it Relates |
Forum where pending |
TDS |
14.55 |
AY 2008-09 to AY 2017-18 |
DCIT - CPC TDS |
|
Income Tax Act, 1961 |
Income Tax |
38.62 |
FY 2014- 2015 |
Commissioner of Income -Tax (Appeals) |
(viii) According to the information and explanations given to us, and based on the verification of records of the company, the company has not defaulted in repayment of loans or other borrowings from financial institutions, banks, Government or due to debenture holder
(ix) According to the information and explanations provided to us and as per the records of the company examined by us, company has not raised funds by way of public issue/ follow-on offer (including debt instruments) during the year. According to the information and explanations provided to us, the term loans raised have been applied by the company during the year for the purposes for which they were raised.
(x) To the best of our knowledge and belief and according to the information and explanation given to us, no fraud by the Company or any fraud on the Company by its officers/ employees has been noticed or reported, during the year.
(xi) Managerial remuneration has been paid / provided in accordance with the requisite approvals mandated by the provisions of section 197 read with schedule V to the Companies Act.
(xii) In our opinion and according to information and explanations given to is, Company is not a Nidhi Company.
(xiii) All transactions with the related parties are in compliance with Section 188 and 177 of Companies Act, 2013 where applicable and the details of the same have been disclosed in the Financial Statements in Note 31 as required by the accounting standards and Companies Act, 2013.
(xiv) During the year under review the company has not made any preferential allotment / private placement of shares or fully or partly convertible debentures.
(xv) During the year under review, the company has not entered into any non-cash transactions with directors or persons connected with him.
(xvi) The company is not required to be registered under section 45-IA of Reserve Bank of India Act, 1934.
For D T S & Associates
Chartered Accountants
Registration No. 142412W
Anuj Bhatia
(Partner)
M. No.122179
Place : Mumbai
Date : May 14, 2018
Mar 31, 2016
To
THE MEMBERS OF WALL STREET FINANCE LIMITED Report on the Standalone Financial Statements
We have audited the accompanying financial statements of Wall Street Finance Limited(âthe Companyâ), which comprise the Balance Sheet as at 31st March, 2016, the Statement of Profit and Loss, the Cash Flow Statement for the year then ended, and a summary of the significant accounting policies and other explanatory information.
Managementâs Responsibility for the Financial Statements
The Companyâs Board of Directors is responsible for the matters stated in Section 134(5) of the Companies Act, 2013 (âthe Actâ) with respect to the preparation of these financial statements that give a true and fair view of the financial position, financial performance and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules , 2014.This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
Auditorâs Responsibility
Our responsibility is to express an opinion on these standalone financial statements based on our audit.
We have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the financial statements. The procedures selected depend on the auditorâs judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Companyâs preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Companyâs Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of the Company as at 31st March, 2016, and its profit and its cash flows for the year ended on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the financial statements:
a) Note No.16 of the Financial Statements related to non redemption of preference shares by Wall Street Commodities Private Limited and related winding up order passed by the High court. No provision has been made for diminution in the value of such investment in preference shares for reasons specified in the said note.
b) Note No. 30 of the Financial Statements, relating to applicability of Service Tax on MTSS Commission Income as per CBEC Circular No. 180/06/2014 dated 14th October, 2014. The company has not provided for the service tax on such income for the reasons specified in the said note.
c) One of the subsidiaries - Goldman Securities Private Limited is carrying on the business of Money Transfer Service under the license issued to Wall Street Finance Limited since its demerger from 2011 as Reserve Bank of India has not transferred the license to Goldman Securities Private Limited for want of sufficient reach.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditorâs Report) Order, 2016 (âthe Orderâ) issued by the Central Government of India in terms of sub-section (11) of section 143 of the Act, and on the basis of such checks of the books and records of the Company as we considered appropriate and according to the information and explanations given to us during the course of audit, we give in the âAnnexure Aâ statement on the matters specified in the paragraphs 3 and 4 of the Order.
2. 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 best 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 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 Cash Flow Statement dealt with by this Report are in agreement with the books of account;
d) In our opinion, the aforesaid financial statements comply with the Accounting Standards specified 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 on 31st March, 2016 taken on record by the Board of Directors, none of the directors is disqualified as on 31st March, 2016 from being appointed as a director in terms of Section 164 (2) of the Act.
f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls, we give our separate report in âAnnexure Bâ; and
g) With respect to the other matters to be included in the Auditorâs 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 the explanations given to us:
i. The Company has disclosed the impact of pending litigations that affect its financial position in its financial statements;
ii. The Company has made provision as required under the applicable law or according to Accounting Standards for material foreseeable losses, if any on Long term contracts including derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the Company during the year.
The Annexure referred to in paragraph 1 under the heading "Report on Other Legal and Regulatory Requirementsâ of our report of even date for the year ended 31st March 2016.
1. (a) The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management according to the program of periodical physical verification in phased manner which in our opinion is reasonable having regard to the size of the Company and the nature of its fixed assets. The discrepancies noticed on such physical verification were not material.
(c) According to the information and explanations given to us and on the basis of our examination of the records of the Company, no immovable properties are held by the Company.
2. The inventory of foreign currency has been physically verified by the management at reasonable intervals. No discrepancies were noticed on physical verification of inventory of foreign currency, encased travelersâ cherub and encased money card as compared to book records.
3. In our opinion and according to the information and explanations given to us, the Company has not granted any loans, secured or unsecured to companies, firms or other parties covered in the register maintained under section 189 the Companies Act, 2013. Accordingly paragraphs 3(iii) (a) to (c) of the Order are not applicable to the Company.
4. In our opinion and according to the information and explanations given to us, the Company has complied with the provisions of section 185 and 186 of the Act, with respect to the loans and investments made.
5. In our opinion and according to the information and explanations given to us, the Company has not accepted any Deposits from the public within the meaning of provisions of Section 73 to 76 of the Act or any other relevant provisions of the Act and the rules framed there under. In respect of deposits accepted earlier from public, in our opinion and according to the information and explanations given to us, the company has complied with the directions issued by the Reserve Bank of India under the Non-Banking Financial Companies Acceptance of the Public Deposits (Reserve Bank) Directions, 1998.
6. As informed to us, the Central Government of India has not prescribed the maintenance of cost records under sub-section (1) of Section 148 of the Companies Act for any of the products of the Company.
7. (a) According to the records of the Company and information and explanations given to us, the Company
is generally regular in depositing undisputed statutory dues including provident fund, employeesâ state insurance, income-tax, sales-tax, wealth tax, service tax, duty of customs, duty of excise, value added tax and cess and other material statutory dues with the appropriate authorities to the extent applicable and there were no undisputed statutory dues payable for a period of more than six months from the date they became payable as at 31st March, 2016 except as stated below.
Name of the Statute |
Nature of Dues |
Amount (Rs. In lakhs) |
Period to which Amount relates |
Due date |
Date of Payment |
Remarks |
Income Tax Act, 1961 |
TDS not deducted |
6.53 |
May 2015 to September 2015 |
Various dates between June 2015 to October 2015 |
N.A. |
Relevant expenses disallowed as per provisions of Income Tax Act, 1961 for computation of taxable income |
(b) According to the records and information & explanations given to us, there are no dues in respect
of Income Tax, Wealth Tax, Service Tax, Custom Duty, Excise Duty, VAT and Cess that have not been deposited with the appropriate authorities to the extent applicable on account of any dispute except as stated below:-
Sr. No. |
Name of the Statute |
Nature of Dues |
Amount (Rs. In lakhs) |
Period to which Amount relates |
Forum where dispute is pending |
1 |
Income Tax Act, 1961 |
TDS |
23.69 |
AY 2008-09 to AY 2015-16 |
DCIT - CPC TDS |
8. In our opinion, on the basis of audit procedure and according to the information and explanations given to us, the Company has not defaulted in repayment of dues to banks, financial institutions, Government or dues to debenture holders.
9. The Company did not raise any money by way of initial public offer or further public offer (including debt instruments) during the year. On the basis of information and explanations given to us, term loan were applied for the purpose for which the loans were obtained.
10. Based on the audit procedure performed and on the basis of information and explanations provided by the management, no fraud on or by the Company has been noticed or reported during the course of our audit.
11. No Director Remuneration has been paid by the Company during the year under review, hence the provisions of section 197 of the Companies Act, 2013 is not applicable. Accordingly, paragraph 3(xi) of the Order is not applicable.
12. In our opinion and according to the information and explanations given to us, the Company is not a nidhi company. Accordingly, paragraph 3(xii) of the Order is not applicable.
13. According to the information and explanations given to us and based on our examination of the records of the Company, transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.
14. According to the information and explanations give to us and based on our examination of the records of the Company, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.
15. According to the information and explanations given to us and the records of the Company examined by us, the company has not entered into any non-cash transactions covered under section 192 of the Companies Act, 2013 with directors or persons connected with him, hence clause 3(xv) of the order is not applicable to the Company.
16. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act 1934. The Company is registered as Non-Banking Financial (Non-Deposit Accepting or Holding) Company. However, the company has surrendered its NBFC License to the Reserve Bank of India as the business activities of the company namely MTSS & FFMC are not covered by Principle Business criteria laid down by the Reserve Bank of India. However, the Reserve Bank of India has not yet deregistered the company as a Non Banking Financial Institution.
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ("the Actâ)
We have audited the internal financial controls over financial reporting of Wall Street Finance Limited (âthe Companyâ) as of 31 March 2016 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date.
Managementâs Responsibility for Internal Financial Controls
The Companyâs management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India (âICAIâ). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business, including adherence to companyâs policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Companies Act, 2013.
Auditorsâ Responsibility
Our responsibility is to express an opinion on the Company''s internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the âGuidance Noteâ) and the Standards on Auditing, issued by ICAI and deemed to be prescribed under section 143(10) of the Companies Act, 2013, to the extent applicable to an audit of internal financial controls, both applicable to an audit of Internal Financial Controls and, both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditorâs judgment, including the assessment of the risks 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 to provide a basis for our audit opinion on the Companyâs internal financial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A company''s internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company''s internal financial control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) 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 authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized 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 Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
Opinion
In our opinion, the Company has, in all material respects, an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31 March 2016, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
For ASA & Associates LLP
Chartered Accountants
Firm Registration
No: 009571N/N500006
Mihir Hindocha
Place: Mumbai Partner
Date : 19th May 2016 Membership No. 112766
Mar 31, 2015
We have audited the accompanying standalone financial statements of
Wall Street Finance Limited ("the Company"), which comprise the
Balance Sheet as at 31st March 2015, the Statement of Profit and Loss,
the Cash Flow Statement for the year then ended and a summary of
significant accounting policies and other explanatory information.
Management's Responsibility for the Financial Statements
The Company's Board of Directors is responsible for the matters stated
in Section 134(5) of the Companies Act, 2013 ("the Act") with
respect to the preparation of these financial statements that give a
true and fair view of the financial position, financial performance and
cash flows of the Company in accordance with the accounting principles
generally accepted in India, including the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. This responsibility also includes
maintenance of adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of the Company and
for preventing and detecting frauds and other irregularities; selection
and application of appropriate accounting policies; making judgments
and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and
completeness of the accounting records, relevant to the preparation and
presentation of the financial statements that give a true and fair view
and are free from material misstatement, whether due to fraud or error.
Auditor's Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit.
We have taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be included in
the audit report under the provisions of the Act and the Rules made
there under.
We conducted our audit in accordance with the Standards on Auditing
specified under Section 143(10) of the Act. Those Standards require
that we comply with ethical requirements and plan and perform the audit
to obtain reasonable assurance about whether the financial statements
are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor's judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's
preparation of the financial statements that give a true and fair view
in order to design audit procedures that are appropriate in the
circumstances. An audit also includes evaluating the appropriateness of
the accounting policies used and the reasonableness of the accounting
estimates made by the Company's Directors, as well as evaluating the
overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our audit opinion on the standalone
financial statements.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the aforesaid standalone financial statements
give the information required by the Act in the manner so required and
give a true and fair view in conformity with the accounting principles
generally accepted in India, of the state of affairs of the Company as
at 31st March 2015; and its profit and its cash flow for the year ended
on that date.
Emphasis of Matters
We draw attention to the following matters in the Notes to the
financial statements:
a) Note No.16 of the Financial Statements related to non-redemption of
preference shares by Wall Street Commodities Private Limited and
related winding up order passed by the High Court. No provision has
been made for diminution in the value of such investment in preference
shares for reasons specified in the said note
b) Note No. 30 of the Financial Statements, relating to applicability
of Service Tax on MTSS Commission Income as per CBEC Circular No.
180/06/2014 dated 14th October 2014. The Company has not provided for
the service tax on such income for the reasons specified in the said
note.
Our opinion is not modified in respect of these matters.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor's Report) Order, 2015 ('the
Order') issued by the Central Government of India in terms of
sub-section (11) of Section 143 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 3 and 4 of the Order.
2. 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 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 been
kept by the Company so far as appears from our examination of those
books;
c) The Balance Sheet, Statement of Profit and Loss and the Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) In our opinion, the aforesaid standalone financial statements comply
with the Accounting Standards specified 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 on 31st March 2015 and taken on record by the Board of
Directors, none of the Directors is disqualified as on 31st March 2015
from being appointed as a Director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor'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 the explanations given to us:
i. The Company has disclosed the impact of pending litigations that
affect its financial position in its financial statements - Refer Note
No 28;
ii. We have not come across any cases of non-provision of material
foreseeable losses, on long term contracts including derivative
contracts under any applicable law or accounting standards;
iii. Following are the instances of delay in transferring amounts,
required to be transferred, to the Investor Education and Protection
Fund by the Company:
Particulars Amount (Rs.) Due Date Date of Transfer
Unclaimed Public Deposit 15,000 22/08/2013 04/06/2014
(& Interest thereon) 26,960 17/09/2013 04/06/2014
Unclaimed Dividend 359,089 21/10/2014 07/02/2015
The Annexure referred to in paragraph 1 of Report on Other Legal and
Regulatory Requirements of the Independent Auditors' Report of even
date to the members of Wall Street Finance Limited ('the Company') for
the year ended on 31st March 2015. We report that:
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company have been physically verified by
the management during the year and no material discrepancies between
the book records and the physical assets have been noticed. In our
opinion, the frequency of verification is reasonable.
2. (a) As explained to us, the inventory of foreign currency (excluding
goods in transit) has been physically verified by the management during
the year. In our opinion and according to information and explanation
provided to us, the frequency of verification is reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records and
explanation provided to us, in our opinion, the Company is maintaining
proper records of inventory. No discrepancies were noticed on physical
verification of inventory of foreign currency, encashed travellers
cheque and encashed money card as compared to book records.
3. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans, secured or
unsecured to companies, firms or other parties covered in the register
maintained under Section 189 the Companies Act, 2013. Accordingly
paragraphs 3(iii) (a) to (b) of the Order are not applicable to the
Company.
4. In our opinion and according to information and explanation given to
us, there are generally adequate internal control systems commensurate
with the size of the company and nature of its business for the
purchase and sale of currency and purchase of fixed assets. Further, on
the basis of our examination of the books and records of the Company
and according to the information and explanations given to us, we have
not observed any major weakness in such internal control system.
5. The Company is Non Deposit Accepting Category of NBFC and does not
accept any fresh deposit. In respect of deposit accepted earlier from
public, in our opinion and according to the information and
explanations given to us, the Company has complied with the directions
issued by the Reserve Bank of India under the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998. To the best of our knowledge and according to the information and
explanations given to us, the Company has not received any order from
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal on the Company in respect
of the aforesaid deposits.
6. As informed to us, the Central Government of India has not
prescribed the maintenance of cost records under sub-section (1) of
Section 148 of the Companies Act for any of the products of the
Company.
7. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing undisputed statutory dues including
provident fund, employees' state insurance, income tax, sales tax,
wealth tax, service 1 tax, duty of customs, duty of excise, value added
tax, cess and any other statutory dues with the appropriate
authorities.
l (b) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income tax,
sales tax, wealth tax, service tax, duty of customs, duty of excise,
value added tax and cess which have not been deposited on account of
any dispute except other than stated below:
Sr. Name of the Nature of Amount
No. Statute Dues (Rs. In lacs)
1 Income Tax Act, TDS 35.23
1961
Name of the Statute Period to Forum where
which Amount dispute is
relates pending
Income Tax Act 1961 AY 2008-09 to DCIT - CPC
AY 2015-16 TDS
(c) There were no amounts which were required to be transferred to the
Investor Education and Protection Fund by the Company.
8. The Company does not have accumulated losses as at 31st March 2015.
It has not incurred cash losses in the current financial year and in
the immediately preceding financial year.
9. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
10. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. Therefore,
the provision of clause 3(x) is not applicable to the Company.
11. In our opinion and according to the information and explanations
given to us, the Company has not raised any new term loans during the
year. The term loan outstanding at the beginning of the year has been
applied for the purpose for which they were raised.
12. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For ASA & Associates LLP
Chartered Accountants
FRN 009571N/N500006
Anil A. Mehta
Place: Mumbai Partner
Date : 30th May 2015 Membership No. F - 30529
Mar 31, 2014
We have audited the accompanying financial statements of WALL STREET
FINANCE LIMITED ("the Company"), which comprise the Balance Sheet as at
31st March 2014, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and fair presentation of the financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement. An audit involves performing procedures to
obtain audit evidence about the amounts and disclosures in the
financial statements. The procedures selected depend on the auditor''s
judgment, including the assessment of the risks of material
misstatement of the financial statements, whether due to fraud or
error. In making those risk assessments, the auditor considers internal
control relevant to the Company''s preparation and fair presentation of
the financial statements in order to design audit procedures that are
appropriate in the circumstances but not for the purpose of expressing
an opinion on the effectiveness of the entity''s internal control. An
audit also includes evaluating the appropriateness of accounting
policies used and the reasonableness of the accounting estimates made
by management, as well as evaluating the overall presentation of the
financial statements. We believe that the audit evidence we have
obtained is sufficient and appropriate to provide a basis for our audit
opinion.
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31st March 2014;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flow of the
Company for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order'') issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which 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 been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the Directors
as on 31st March 2014, and taken on record by the Board of Directors,
none of the Directors is disqualified as on 31st March 2014, from being
appointed as a director in terms of Clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
ANNEXURE TO THE AUDITORS'' REPORT
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our Auditors'' Report of even date to
the members of WALL STREET FINANCE LIMITED on the financial statements
for the year ended 31st March 2014]
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has initiated the physical verification of the fixed
assets during the year on phase basis. The discrepancies noticed on
physical verification of fixed assets have been properly dealt with in
the books of accounts.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year and do not affect the going concern
.
2. (a) As explained to us, the inventory of foreign currency
(excluding goods in transit) has been physically verified by the
management during the year. In our opinion and according to information
and explanation provided to us, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records and
explanation provided to us, in our opinion, the Company is maintaining
proper records of inventory. No discrepancies were noticed on physical
verification of inventory of foreign currency, encashed travellers
cheque and encashed money card as compared to book records.
3. (a) In our opinion and according to the information and
explanations given to us, the Company has not granted any loans to
companies, firms or other parties covered in the register maintained
under section 301 the Companies Act, 1956. Accordingly paragraphs
4(iii)(b) to (d) of the Order are not applicable to the Company.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken loan from parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly paragraphs 4(iii) (f) and (g) of the Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, there are generally adequate internal control systems
commensurate with the size of the Company and the nature of its
business for purchase and sale of currency and purchase fixed assets.
Further, on the basis of our examination of the books and records of
the Company and according to the information and explanations given to
us during the course of audit, we have not come across of any major
weakness in the aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five Lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company is Non Deposit Accepting Category of NBFC and does not
accept any fresh deposit. In respect of deposit accepted earlier from
public, in our opinion and according to the information and
explanations given to us, the Company has complied with the directions
issued by the Reserve Bank of India under the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998. To the best of our knowledge and according to the information and
explanations given to us, the Company has not received any order from
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal on the Company in respect
of the aforesaid deposits.
7. The Company has a system of Concurrent Audit, as required by
Reserve Bank of India, and Internal Audit conducted by Independent
Firms of Chartered Accounts. In our opinion, the Company has an
internal audit system commensurate with its size and nature of its
business.
8. The Central Government of India has not prescribed the maintenance
of cost records under Clause (d) of sub-section (1) of Section 209 of
the Act for any of the products of the Company.
9. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees'' state insurance, income tax, sales-tax, wealth tax, service
tax, cess and other material statutory dues as applicable with the
appropriate authorities.
(b) There were no undisputed amount payable in respect of provident
fund, investor education and protection fund, employees'' state
insurance, income-tax, sales-tax, wealth tax, service tax, cess and
other material statutory dues in arrears as at March 31, 2014 for a
period more than six months from the date they became payable.
(c) According to the records of the Company, there are no dues of
income tax, value added tax, central sales tax, service tax, custom
duty, excise duty and cess as at 31st March, 2013 which have not been
deposited on account of any dispute. Except as stated in table below
Sr. Name of the Nature of Amount (Rs. Period to Forum where
No. Statute Dues In lacs) which Amount dispute is
relates pending
1 Income Tax TDS 81.41 AY 2008-09 DCIT - CPC
Act, 1961 to TDS
AY 2014-15
10. The Company does not have accumulated losses as at March 31, 2014.
It has not incurred cash losses in the current financial year and in
the immediately preceding financial year.
11. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. Based on our examination of the records and according to
information and explanations given to us, the Company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us, the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provision of Clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 is not
applicable to the Company. The Company is holding government-approved
securities and certain shares as Investments for which proper records
have been kept.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. Therefore,
the provision of Clause 4(xv) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any new term loans during the
year. The term loan outstanding at the beginning of the year has been
applied for the purpose for which they were raised.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. According to the information and explanations given to us, the
company has not issued any debentures during the year, hence the
question of creation of security or charge in respect of debentures
issued does not arise.
20. As informed to us, during the period covered by our audit report,
the Company has not raised any money by public issues.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For ASA & Associates LLP
Chartered Accountants
FRN 009571N/N500006
Place: Mumbai Anil A. Mehta
Date : 14th May 2014 Partner - (F-30529)
Mar 31, 2013
Report on the Financial Statement
We have audited the accompanying financial statements of WALL STREET
FINANCE LIMITED ("the Company"), which comprise the Balance Sheet as at
March 31, 2013, the Statement of Profit and Loss and the Cash Flow
Statement for the year ended and a summary of significant accounting
policies and other explanatory information.
Management''s Responsibility for the Financial Statements
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position,
financial performance and cash flows of the Company in accordance with
the Accounting Standards referred to in sub-section (3C) of section 211
of the Companies Act, 1956 ("the Act"). This responsibility includes
the design, implementation and maintenance of internal control relevant
to the preparation and fair presentation of the financial statements
that give a true and fair view and are free from material misstatement,
whether due to fraud or error.
Auditor''s Responsibility
Our responsibility is to express an opinion on these financial
statements based on our audit. We conducted our audit in accordance
with the Standards on Auditing issued by the Institute of Chartered
Accountants of India. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the financial statements are free
from material misstatement.
An audit involves performing procedures to obtain audit evidence about
the amounts and disclosures in the financial statements. The procedures
selected depend on the auditor''s judgment, including the assessment of
the risks of material misstatement of the financial statements, whether
due to fraud or error. In making those risk assessments, the auditor
considers internal control relevant to the Company''s preparation and
fair presentation of the financial statements in order to design audit
procedures that are appropriate in the circumstances. An audit also
includes evaluating the appropriateness of accounting policies used and
the reasonableness of the accounting estimates made by management, as
well as evaluating the overall presentation of the financial
statements. j
We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our| audit opinion. j
Opinion
In our opinion and to the best of our information and according to the
explanations given to us, the financial statements give the information
required by the Act in the manner so required and give a true and fair
view in conformity with the accounting principles generally accepted in
India:
a) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2013;
b) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
c) in the case of the Cash Flow Statement, of the cash flow of the
Company for the year ended on that date.
Emphasis of Matter
We draw attention to Note. 15.1 to the Financial Statements which state
that the appeal filed by the Company for recovery of old insurance
claim relating to loss of currency amount of Rs. 211.80 Lacs in the
year 2003- 04 to set aside the court''s earlier dismissal has been
admitted by High Court. The recovery of the insurance claim is
dependent on the outcome of such appeal. Our opinion is not qualified
in respect of this matter.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditor''s Report) Order, 2003 (''the
Order'') issued by the Central Government of India in terms of
sub-section (4A) of section 227 of the Act, we give in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
a) we have obtained all the information and explanations which to the
best of our knowledge and belief were/iecessary for the purpose of our
audit;
b) in our opinion proper books of account as required by law have been
kept by the Company so far as appears from our examination of those
books;
c) the Balance Sheet, Statement of Profit and Loss, and Cash Flow
Statement dealt with by this Report are in agreement with the books of
account;
d) in our opinion, the Balance Sheet, Statement of Profit and Loss, and
Cash Flow Statement comply with the Accounting Standards referred to in
subsection (3C) of section 211 of the Companies Act, 1956;
e) on the basis of written representations received from the directors
as on March 31, 2013, and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2013, from being
appointed as a director in terms of clause (g) of sub-section (1) of
section 274 of the Companies Act, 1956.
[Referred to in paragraph 1 under the heading of "Report on Other Legal
and Regulatory Requirements" of our Auditors'' Report of even date to
the members of WALL STREET FINANCE LIMITED on the financial statements
for the year ended March 31, 2013]
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The Company has initiated the physical verification of the fixed
assets during the year on phase basis. The discrepancies noticed on
physical verification of fixed assets have been properly dealt with in
the books of account.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year and do not affect the going concern.
2. (a) As explained to us, the inventory of foreign currency
(excluding goods in transit) has been physically verified by the
management during the year. In our opinion and according to information
and explanation provided to us, the frequency of verification is
reasonable.
(b) In our opinion, the procedures of physical verification of
inventory followed by the management are reasonable and adequate in
relation to the size of the Company and the nature of its business.
(c) On the basis of our examination of the inventory records and
explanation provided to us, in our opinion, the Company is maintaining
proper records of inventory. No discrepancies were noticed on physical
verification of inventory of foreign currency, encashed travellers
cheque and encashed money card as compared to book records.
3. (a) In our opinion and according to the information and
explanations given to us, the Company has not granted any loans to
companies, firms or other parties covered in the register maintained
under section 301 the Companies Act, 1956. Accordingly paragraphs
4(iii)(b) to (d) of the Order are not applicable to the Company.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken loan from parties covered in the
register maintained under section 301 of the Companies Act, j 1956.
Accordingly paragraphs 4(iii) (f) and (g) of the Order are not
applicable to the Company. j
4. In our opinion and according to the information and explanations
given to us, there are generally adequate J internal control systems
commensurate with the size of the Company and the nature of its
business fori purchase and sale of currency and purchase fixed assets.
Further, on the basis of our examination of I the books and records of
the Company and according to the information and explanations given to
us during the course of audit, we have not come across of any major
weakness in the aforesaid internal control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Act have been entered in the register
required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five Lacs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company is Non Deposit Accepting Category of NBFC and does not
accept any fresh deposit. In respect of deposit accepted earlier from
public, in our opinion and according to the information and
explanations given to us, the Company has complied with the directions
issued by the Reserve Bank of India under the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998. To the best of our knowledge and according to the information and
explanations given to us, the Company has not received any order from
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal on the Company in respect
of the aforesaid deposits.
7. The Company has a system of Concurrent Audit, as required by
Reserve Bank of India, and Internal Audit conducted by Independent
Firms of Chartered Accounts. In our opinion, the Company has an
internal audit system commensurate with its size and nature of its
business.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Act for any of the products of the Company.
9. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including provident fund, investor education and protection fund,
employees''state insurance, income- tax, sales-tax, wealth tax, service
tax, cess and other material statutory dues as applicable with the
appropriate authorities.
(b) There were no undisputed amount payable in respect of provident
fund, investor education and protection fund, employees'' state
insurance, income-tax, sales-tax, wealth tax, service tax, cess and
other material statutory dues in arrears as at March 31, 2013 for a
period more than six months from the date they became payable.
(c) According to the information and explanations given to us and the
records of the Company examined by us, there are no dues of income-tax,
sales tax, wealth tax, service tax, customs duty, excise duty and cess
which have not been deposited on account of any dispute.
10. The Company''s accumulated losses as at March 31, 2013 are less
than fifty percent of its networth. It has not incurred cash losses in
the current financial year. However, it has incurred cash losses in the
immediate precceding financial year.
11. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. Based on our examination of the records and according to
information and explanations given to us, the Company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. In our opinion and according to information and explanations given
to us, the Company is not dealing in or trading in shares, securities,
debentures and other investments. Accordingly, the provision of clause
4(xiv) of the Companies (Auditor''s Report) Order, 2003 is not
applicable to the Company. The Company is holding government-approved
securities and certain shares as Investments for which proper records
have been kept.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. Therefore,
the provision of clause 4 (xv) of the Companies (Auditor''s Report)
Order, 2003 is not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any new term loans during the
year. The term loan outstanding at the beginning of the year, has been
applied for the purpose for which they were raised.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Act during the year.
19. According to the information and explanations given to us, the
company has not issued any debentures during the year, hence the
question of creation of security or charge in respect of debentures
issued does not arise.
20. As informed to us, during the period covered by our audit report,
the Company has not raised any money by public issues.
21. During the course of our examination of the books and records of
the Company, carried out in accordance with the generally accepted
auditing practices in India, and according to the information and
explanations given to us, we have neither come across any instance of
fraud on or by the Company, noticed or reported during the year, nor
have we been informed of such case by the management.
For ASA & Associates
Chartered Accountants
(Registration No. 009571N)
Place: Mumbai Anil A. Mehta
Date : 10th May 2013 Partner
(F-30529)
Mar 31, 2012
1. We have audited the attached Balance Sheet of WALL STREET FINANCE
LIMITED (The Company), as at March 31, 2012, the related Statement of
Profit and Loss and Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. Without qualifying the opinion, we draw attention to Note 16.1 to
the Financial Statements which states that the suit fled by the Company
against the insurance company for the recovery of old insurance claim
relating to loss of currency amount of Rs. 211.80 Lacs in the year
2003-04 was dismissed by the High Court. The Company has fled an appeal
before the High Court to set aside such Court Order and the outcome of
such appeal is dependent on the decision of the Court.
4. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure, a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
5. Further to our comments in the Annexure referred to in paragraph 4
above, we report that:
(a) We have obtained all the information and explanations, which to the
best 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 by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, the Statement of Profit and Loss and the Cash
Flow Statement dealt with by this report are in agreement with the
books of account;
(d) In our opinion, the Balance Sheet, the Statement of Profit and Loss
and the Cash Flow Statement dealt with by this report comply with the
accounting standards referred to in sub-section (3C) of Section 211 of
the Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2012 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2012 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act,1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read with
the significant accounting policies and other notes thereon, give the
information required by the Companies Act,1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2012;
(ii) in the case of the Statement of Profit and Loss, of the Loss of the
Company for the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash fows of the
Company for the year ended on that date.
ANNEXURE TO THE AUDITORS' REPORT
[Referred to in paragraph 4 of the Auditors' Report of even date to the
members of WALL STREET FINANCE LIMITED on the financial statements for
the year ended March 31, 2012]
1. (a) The Company is maintaining proper records showing full
particulars including quantitative details and situation of fixed
assets.
(b) The fixed assets of the Company have been physically verified by the
management with the assistance of independent firm of chartered
accountants during the year, frequency of which is reasonable and no
material discrepancies between the book records and the physical
inventory have been noticed.
(c) In our opinion and according to the information and explanations
given to us, a substantial part of fixed assets has not been disposed
off by the Company during the year and do not affect the going concern.
2. (a) As explained to us, the inventory of foreign currency
(excluding goods in transit), encashed traveller cheque and encashed
money card has been physically verified by the management during the
year. In our opinion and according to information and explanation
provided to us, the frequency of verification is reasonable.
(b) The procedure of physical verification of inventory followed by the
management appears reasonable and adequate as required in normal
situation. Considering frequent movement of inventory of high value &
high volume, the detailed procedure & frequency of physical verification
needs to be strengthened to make it commensurate with the size and
nature of its business. However, the Company has since discontinued
such activities during the later part of the year under consideration.
(c) On the basis of our examination of the inventory records and
explanations provided to us, in our opinion, the Company is maintaining
proper records of inventory. No discrepancies were noticed on physical
verification of inventory of foreign currency, encashed traveller cheque
and encashed money card as compared to book records except in a branch
of southern region where some fraudulent transactions were noticed.
3. (a) In our opinion and according to the information and
explanations given to us, the Company has not granted any loans to
companies, firms or other parties covered in the register maintained
under section 301 of the Companies Act, 1956. Accordingly paragraphs
4(iii)(b) to (d) of the Order are not applicable to the Company.
(b) In our opinion and according to the information and explanations
given to us, the Company has not taken loan from parties covered in the
register maintained under section 301 of the Companies Act, 1956.
Accordingly paragraphs 4(iii) (f) and (g) of the Order are not
applicable to the Company.
4. The internal control with regard to purchase and sale of foreign
currency and fixed assets appear reasonable and adequate as normally
required. Considering frequent movement of high value and high volume
of purchase & sale transactions, there is a scope for further
strengthening the internal controls to make it commensurate with the
size and nature of its business. The Company has since discontinued
such activities during the later part of the year under consideration.
Further, we have neither come across nor have been informed of any
continuing failure to correct major weakness in the aforesaid internal
control system.
5. (a) In our opinion and according to the information and
explanations given to us, the particulars of contracts or arrangements
referred to in Section 301 of the Companies Act, 1956 have been entered
in the register required to be maintained under that section.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements and exceeding the value of Rupees Five Lakhs in respect of
any party during the year have been made at prices which are reasonable
having regard to the prevailing market prices at the relevant time.
6. The Company is Non Deposit Accepting Category of NBFC and does not
accept any fresh deposit. In respect of deposit accepted earlier from
public, in our opinion and according to the information and
explanations given to us, the Company has complied with the directions
issued by the Reserve Bank of India under the Non-Banking Financial
Companies Acceptance of Public Deposits (Reserve Bank) Directions,
1998. To the best of our knowledge and according to the information and
explanations given to us, the Company has not received any order from
the Company Law Board or National Company Law Tribunal or Reserve Bank
of India or any Court or any other Tribunal on the Company in respect
of the aforesaid deposits.
7. The Company has a system of Concurrent Audit, as required by
Reserve Bank of India, and Internal Audit conducted by Independent
Firms of Chartered Accounts. In our opinion, the Company has an
internal audit system commensurate with its size and nature of its
business.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Act for any of the products of the Company.
9. (a) According to the information and explanations given to us and
the records of the Company examined by us, in our opinion, the Company
is generally regular in depositing the undisputed statutory dues
including Provident Fund, Investor Education and Protection Fund,
Employees' State Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service
Tax, Cess and other material statutory dues as applicable with the
appropriate authorities.
(b) There were no undisputed amount payable in respect of Provident
Fund, Investor Education and Protection Fund, Employees' State
Insurance, Income-Tax, Sales-Tax, Wealth Tax, Service Tax, Cess and
other material statutory dues in arrears as at March 31, 2012 for a
period more than six months from the date they became payable.
(c) According to the information and explanations given to us and the
records of the Company examined by us, the particulars of dues of
Income-Tax and Service Tax, as at March 31, 2012 which have not been
deposited on account of a dispute, are as follows Ã
Name of the Nature of
dues Amount Periods to
which the Forum where the
statute (Rs. lacs) amount
relates (F.Y.) dispute is
pending
Income Tax Penalty
under 8.00 1995-96 CIT (Appeal)
Section
271(1)(C)
Service Tax Service
tax payable 1,573.00 FY 05-06 to Central Excise
on WU
Commission FY 09-10 and Service Tax
income for
money Appellate
Tribunal
transfer
services
10. The Company does not have accumulated losses as at March 31, 2012.
However, it has incurred cash losses in the financial year ended on that
date.
11. According to the records of the Company examined by us and the
information and explanation given to us, the Company has not defaulted
in repayment of dues to any financial institution or bank or debenture
holders as at the balance sheet date.
12. Based on our examination of the records and according to
information and explanations given to us, the Company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. The provisions of any special statute applicable to chit fund /
nidhi / mutual benefit fund / societies are not applicable to the
Company.
14. In our opinion, the Company is not a dealer or trader in shares,
securities, debentures and other investments. In our opinion and
according to information and explanations given to us, the company is
not dealing in or trading in shares, securities, debentures and other
investments. Accordingly, the provision of clause 4(xiv) of the
Companies (Auditor's Report) Order, 2003 is not applicable to the
Company. The Company is holding government-approved securities and
certain shares as Investments for which proper records have been kept.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. Therefore,
the provision of clause 4 (xv) of the Companies (Auditor's Report)
Order, 2003 is not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not raised any new term loans during the
year. The term loan outstanding at the beginning of the year, have been
applied for the purposes for which they were raised.
17. On the basis of an overall examination of the balance sheet of the
Company, in our opinion and according to the information and
explanations given to us, there are no funds raised on a short-term
basis which have been used for long-term investment.
18. The Company has not made any preferential allotment of shares to
parties and companies covered in the register maintained under Section
301 of the Companies Act, 1956 during the year.
19. According to the information and explanations given to us, the
company has not issued any debentures during the year, hence the
question of creation of security or charge in respect of debentures
issued does not arise.
20. As informed to us, during the period covered by our audit report,
the Company has not raised any money by public issues.
21. According to the information and explanations given to us, the
Company has noticed and reported a fraud at a branch in southern region
involving an aggregate amount of Rs. 521.61 lacs (excluding Rs. 280.34
lacs disputed claims by other FFMCs) relating to misappropriation of
funds by an employee. As stated in Note 22.1, necessary insurance claim
has been made of such misappropriation and in the opinion of the
Company; the claim is expected to be recovered. Other than this, based
on the audit procedures performed and as per the information and
explanation given by the management, we report that no fraud on or by
the Company has been noticed or reported during the course of our
audit.
For ASA & Associates
Chartered Accountants
(Registration No. 009571N)
Anil A. Mehta
Place: Mumbai Partner
Date : 28th May 2012 Membership No. F-30529
Mar 31, 2011
1. We have audited the attached Balance Sheet of WALL STREET FINANCE
LIMITED (the Company), as at March 31, 2011, the related Profit and
Loss Account and the Cash Flow Statement of the Company for the year
ended on that date annexed thereto. These financial statements are the
responsibility of the Company's Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those Standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditor's Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specified in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
(a) We have obtained all the information and explanations, which to the
best 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 by the Company so far as appears from our examination of
those books;
(c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
(d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
(e) On the basis of written representations received from the directors
as on March 31, 2011 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2011 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act,1956;
(f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read with
the significant accounting policies and other notes thereon, give the
information required by the Companies Act,1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2011;
(ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the cash flows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS' REPORT
[Referred to in paragraph 3 of the Auditors' Report of even date on the
financial statements for the year ended March 31, 2011]
1. (a) The Company has maintained records to show particulars of its
fixed assets, which are in the process of being updated.
(b) As explained to us, the Company has carried out physical verifi
cation of assets and no material discrepancies were noticed on such
verification. In our opinion, the periodicity of physical verification
is reasonable having regard to the size of the Company and the nature
of its assets.
(c) The assets disposed of during the year are not significant and do
not affect the going concern assumption.
2. (a) As explained to us, the stocks of foreign currency has been
physically verified by the management during the year. In our opinion
and according to the information and explanations provided to us, the
frequency of verification is reasonable.
(b) In our opinion and according to the information and explanations
provided to us, the procedures of physical verification of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to the information and explanations
provided to us, the Company is maintaining proper records of inventory.
No discrepancies were noticed on physical verification of stocks of
foreign currency as compared to book records.
3. In our opinion and according to the information and explanations
given to us, the Company has not granted any loans to companies listed
in the register maintained under section 301 the Companies Act, 1956.
Accordingly paragraphs 4(iii) (b) to (d) of the Order are not
applicable to the Company.
4. In our opinion and according to the information and explanations
given to us, the Company has not taken loans from parties covered in
the register maintained under section 301 of the Companies Act, 1956.
Accordingly paragraphs 4(iii) (f) and (g) of the Order are not
applicable to the Company.
5. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase and sale of foreign currency and fixed assets.
6. (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the particulars of contracts or arrangements that need to be entered
into the register maintained under section 301 of the Companies Act,
1956 have been so entered.
(b) In our opinion and according to the information and explanations
given to us, the transactions made in pursuance of such contracts or
arrangements entered into the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs 5 lacs in respect
of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
7. The Company is Non Deposit (ND) Accepting category of NBFC and does
not accept any fresh deposit. In respect of deposits accepted earlier
from public, in our opinion and according to the information and
explanations given to us, the Company has complied with the directions
issued by the Reserve Bank of India under the Non-Banking Financial
Companies acceptance of Public Deposits (Reserve Bank) Directions 1998.
To the best of our knowledge and according to the information and
explanations given to us, the Company has not received any order from
Company Law Board or National Company Law Tribunal or Reserve Bank of
India or any Court or Tribunal with regard to deposits.
8. The Company has a system of Concurrent Audit, as required by
Reserve Bank of India, and Internal Audit conducted by independent
firms of Chartered Accountants. In our opinion, such Internal Audit
System is commensurate with the size and nature of Company's business.
9. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Act for any of the products / activities of the Company.
10. (a) According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees' state insurance,
income-tax, sales-tax, wealth tax, customs duty, service tax, excise
duty, cess and other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, there
has not been undisputed statutory dues in arrears, as at March 31, 2011
for a period of more than six months from the date they became payable
in respect of provident fund, investor education and protection fund,
employees' state insurance, income-tax, sales-tax, wealth tax, customs
duty, service tax, excise duty, cess and other material statutory dues
applicable to the Company.
(c) According to the information and explanations given to us and the
records of the Company examined by us, there are no cases of disputed
dues in respect of sales tax / wealth tax / custom duty / excise duty /
income tax / service tax and cess except following income tax demands
:-
Name of the Nature of dues Amount Periods to Forum where
statute (Rs. which the the dispute
lacs) amount is pending
relates
(A.Y.)
Income Tax Act Income tax 1.37* 2003-04 CIT Appeal
liability
Income Tax Act Disallowance 31.72* 2003-04 ITAT
of NPA provi
-sion while
computing
taxable
income
*Disputed liability has been adjusted against refunds of various years.
11. The Company does not have any accumulated losses at the end of the
financial year and it has not incurred any cash losses during the
financial year and the immediately preceding financial year.
12. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders.
13. Based on our examination of the records and according to the
information and explanations given to us, the Company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
14. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund / society. Therefore, the provision of clause (xiii) of
paragraph 4 of the Companies (Auditor's Report) Order, 2003 is not
applicable to the Company.
15. In our opinion and according to the information and explanations
given to us, the Company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause (xiv) of paragraph 4 of the Companies (Auditor's
Report) Order, 2003 is not applicable to the Company. The Company is
holding government-approved securities and certain shares as
Investments for which proper records have been kept.
16. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. Therefore,
the provision of clause (xv) of paragraph 4 of the Companies (Auditor's
Report) Order, 2003 is not applicable to the Company.
17. In our opinion and according to the information and explanations
given to us, the Company has not raised any new term loans during the
year. The term loan outstanding at the beginning of the year, have been
applied for the purposes for which they were raised.
18. In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, funds raised on a short-term basis have, prima-facie, not been
used for long-term investment.
19. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956.
20. According to the information and explanations given to us, the
Company has not issued any debentures during the year, hence the
question of creation of security or charge in respect of debentures
issued does not arise.
21. As informed to us, during the period covered by our audit report,
the Company has not raised any money by public issues.
22. According to the information and explanations given to us, two
cases of fraud, noticed at 2 branches, involving an aggregate amount of
Rs.8.38 lacs towards misappropriation of funds have been committed on
the Company during the year. Necessary insurance claims have been made
for such misappropriation and in the opinion of the Company, the claims
are expected to be recovered.
For ASA & Associates
Chartered Accountants
(Registration No. 009571N)
Anil A. Mehta
Place: Mumbai Partner
Date : 30th May 2011 Membership No. F-30529
Mar 31, 2010
1. We have audited the attached Balance Sheet of WALL STREET FINANCE
LIMITED (the Company), as at March 31, 2010, the related Profit and Loss
Account and the Cash Flow Statement of the Company for the year ended
on that date annexed thereto. These financial statements are the
responsibility of the Companys Management. Our responsibility is to
express an opinion on these financial statements based on our audit.
2. We conducted our audit in accordance with the auditing standards
generally accepted in India. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the
financial statements are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. An audit also includes,
assessing the accounting principles used and signifcant estimates made
by management, as well as evaluating the overall financial statement
presentation. We believe that our audit provides a reasonable basis for
our opinion.
3. As required by the Companies (Auditors Report) Order, 2003 issued
by the Central Government of India in terms of sub-section (4A) of
Section 227 of the Companies Act, 1956, we enclose in the Annexure a
statement on the matters specifed in paragraphs 4 and 5 of the said
Order.
4. Further to our comments in the Annexure referred to in paragraph 3
above, we report that:
a) We have obtained all the information and explanations, which to the
best 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 by the company so far as appears from our examination of those
books;
c) The Balance Sheet, Profit and Loss Account and Cash Flow Statement
dealt with by this report are in agreement with the books of account;
d) In our opinion, the Balance Sheet, Profit and Loss Account and Cash
Flow Statement dealt with by this report comply with the accounting
standards referred to in sub-section (3C) of Section 211 of the
Companies Act, 1956;
e) On the basis of written representations received from the directors
as on March 31, 2010 and taken on record by the Board of Directors,
none of the directors is disqualified as on March 31, 2010 from being
appointed as a director in terms of clause (g) of sub-section (1) of
Section 274 of the Companies Act,1956;
f) In our opinion and to the best of our information and according to
the explanations given to us, the said financial statements read with
the signifcant accounting policies and other notes thereon, give the
information required by the Companies Act,1956, in the manner so
required and give a true and fair view in conformity with the
accounting principles generally accepted in India;
i) in the case of the Balance Sheet, of the state of affairs of the
Company as at March 31, 2010;
ii) in the case of the Profit and Loss Account, of the profit for the
year ended on that date; and
iii) in the case of the Cash Flow Statement of the cash fows of the
Company for the year ended on that date.
ANNEXURE TO AUDITORS REPORT [Referred to in paragraph 3 of the
Auditors Report of even date on the financial statements for the year
ended March 31, 2010]
1. (a) The Company has maintained records to show particulars of its
fixed assets, which are in the process of being updated.
(b) As explained to us, the Company has carried out physical
verifcation of certain assets of certain units and discrepancies
noticed have been properly dealt with in the accounts. With respect to
remaining fxed assets, discrepancies, if any, will be dealt with afiter
completion of physical verifcation of such assets.
(c) The assets disposed of during the year are not signifcant and do
not affect the going concern assumption.
2. (a) As explained to us, the stocks of foreign currency has been
physically verifed by the management during the year. In our opinion
and according to information and explanation provided to us, the
frequency of verifcation is reasonable.
(b) In our opinion and according to information and explanations
provided to us, the procedures of physical verifcation of inventory
followed by the management are reasonable and adequate in relation to
the size of the Company and the nature of its business.
(c) In our opinion and according to information and explanations
provided to us, the Company is maintaining proper records of inventory.
The discrepancies noticed on physical verifcation of stocks of foreign
currency as compared to book records were not material having regard to
the size of the operations of the Company and have been properly dealt
with in the books of accounts.
3. (a) In our opinion and according to the information and
explanations given to us, the Company has not granted any loans to
companies listed in the register maintained under section 301 the
Companies Act, 1956. Accordingly paragraphs 4(iii) (b) to (d) of the
Order are not applicable to the Company.
(b) In our opinion and according to the information and explanations
given to us, the Company has taken loans from parties covered in the
register maintained under section 301 of the Companies Act, 1956. The
maximum amount of such loans outstanding during the year was Rs.
3,795/- lacs and year end balance was Nil.
(c) In our opinion the rate of interest & other terms and conditions of
loans taken by the company are prima facie, not prejudicial to the
interest of the company.
(d) According to the information and explanations given to us, the
Company has been regular in payment of interest and repayment of
principal amount where stipulated.
4. In our opinion and according to the information and explanations
given to us, there is an adequate internal control system commensurate
with the size of the Company and the nature of its business with regard
to purchase and sale of foreign currency and fixed assets.
5. (a) To the best of our knowledge and belief and according to the
information and explanations given to us, we are of the opinion that
the particulars of contracts or arrangements that need to be entered
into the register maintained under section 301 of the Companies Act,
1956, have been so entered.
(b) In our opinion and according to information and explanations given
to us, the transactions made in pursuance of such contracts or
arrangements entered into the register maintained under section 301 of
the Companies Act, 1956 and exceeding the value of Rs 5 lacs in respect
of any party during the year have been made at prices which are
reasonable having regard to the prevailing market prices at the
relevant time.
6. In our opinion and according to the information and explanations
given to us, in respect of deposits accepted from public, the company
has complied with the directions issued by the Reserve Bank of India
under the Non Banking Financial Companies acceptance of Public Deposits
(Reserve Bank) Directions, 1998. To the best of our knowledge and
according to the information and explanations given to us, the Company
has not received any order from Company Law Board or National Company
Law Tribunal or Reserve Bank of India or any Court or Tribunal with
regard to deposits.
7. The Company has a system of Concurrent Audit, as required by
Reserve Bank of India, and Internal Audit conducted by independent
?frms of Chartered Accountants which is supplemented by a separate
Management Audit. In our opinion, such Internal Audit System is
commensurate with the size and nature of companys business.
8. The Central Government of India has not prescribed the maintenance
of cost records under clause (d) of sub-section (1) of Section 209 of
the Act for any of the products of the Company.
9. (a) According to the information and explanations given to us, the
Company has been generally regular in depositing with appropriate
authorities undisputed statutory dues including provident fund,
investor education and protection fund, employees state insurance,
income-tax, sales-tax, wealth tax, customs duty, service tax, excise
duty, cess and other material statutory dues as applicable to it.
(b) According to the information and explanations given to us, there
has not been undisputed statutory dues in arrears, as at March 31, 2010
for a period of more than six months from the date they became payable
in respect of provident fund, investor education and protection fund,
employees state insurance, income-tax, sales-tax, wealth tax, customs
duty, service tax, excise duty, cess and other material statutory dues
applicable to the Company.
(c) According to the information and explanations given to us, there
are no statutory dues, which have not been deposited on account of any
dispute.
10. The Company does not have any accumulated losses at the end of the
financial year and it has not incurred any cash losses during the
financial year and the immediately preceding financial year.
11. In our opinion and according to the information and explanations
given to us, the Company has not defaulted in repayment of dues to any
financial institution or bank or debenture holders.
12. Based on our examination of the records and according to the
information and explanations given to us, the Company has not granted
any loans and advances on the basis of security by way of pledge of
shares, debentures and other securities.
13. In our opinion, the Company is not a chit fund / nidhi / mutual
benefit fund/society. Therefore, the provision of clause (xiii) of
paragraph 4 of the Companies (Auditors Report) Order, 2003 is not
applicable to the Company.
14. In our opinion and according to the information and explanations
given to us, the company is not dealing in or trading in shares,
securities, debentures and other investments. Accordingly, the
provision of clause (xiv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company. The Company is
holding government-approved securities and certain shares as
Investments for which proper records have been kept.
15. In our opinion and according to the information and explanations
given to us, the Company has not given any guarantee for loans taken by
others from banks or financial institutions during the year. Therefore,
the provision of clause (xv) of paragraph 4 of the Companies (Auditors
Report) Order, 2003 is not applicable to the Company.
16. In our opinion and according to the information and explanations
given to us, the Company has not availed any term loans during the year
and hence, the provision of clause (xvi) of paragraph 4 of the
Companies (Auditors Report) Order, 2003 is not applicable to the
Company.
17. In our opinion and according to the information and explanations
given to us, and on an overall examination of the Balance Sheet of the
Company, funds raised on a short-term basis have, prima-facie, not been
used for long-term investment.
18. According to the information and explanations given to us, the
Company has not made any preferential allotment of shares to parties
and companies covered in the register maintained under Section 301 of
the Companies Act, 1956.
19. According to the information and explanations given to us, the
Company has not issued any debentures during the year, hence the
question of creation of security or charge in respect of debentures
issued does not arise.
20 As informed to us, during the period covered by our audit report,
the Company has not raised any money by public issues.
21. Based on our audit procedures performed and information and
explanations given to us by the management, we have neither come across
instances of material frauds on or by the Company, noticed or reported
during the year.
For ASA & Associates
Chartered Accountants
(Registration No. 009571N)
Anil A. Mehta
Partner
Membership No. F-30529
Place: Mumbai
Date : 31st July, 2010
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