To,
The Members of Whitehall Commercial Company Limited
Report on the audit of Ihe Standalone Financial Statements
Opinion
We have audited the accompanying Standalone Ind AS financial statements Whitehall
Commercial Company Limited ("the Company") which comprises the Balance Sheet as
at March 31. 2021. the Statement of Profit and Loss and statement, statement of changes in
equity and cash flows for the year then ended, and notes to the Standalone financial
statements, including a summary of significant accounting policies and other explanatory
information.
i 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, of the state of affairs of the
Company as at March 31, 2021, and pm fit/loss, and its cash Hows for the year ended on
that date.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (SAs) specified
under section 143(10) of the Companies Act. 2013. Our responsibilities under those
Standards are further described in the Auditors Responsibilities for the Audit of the
Standalone Financial Statements section of our report. We are independent of the Company
in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of
India together with the ethical requirements that are relevant to our audit of the
Standalone financial statements under the provisions of the Companies Act. 2013 and the
Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance
with these requirements and the Code of Ethics.
( We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our opinion.
Emphasis of Matter
On the background of outbreak of COYID -19 pandemic, we wish to report that -
We could not visit the workplace of the auditee physically due to lockdown & travel
restrictions after the end of the year. However, we have performed alternative audit
procedures to obtain sufficient appropriate audit evidence.
• On the basis of its assessment of the impact of the outbreak of COVID-19 on
business operations of the Company, the Management has concluded that no adjustments are
required in the financial statements as it does not impact the current financial year.
However, the situation with COVID-19 is still evolving. Also, the various preventive
measures taken (such as lockdown & travel restrictions etc.) are still in force,
leading to a highly uncertain economic environment. Due to these circumstances, the
managements assessment of the impact on the subsequent period is dependent upon the
circumstances as they evolve.
Our opinion is not modified in respect of above matters.
Information other than the Standalone lnd AS financial statements and auditors report
thereon
The Companys board of directors is responsible ior the preparation of the other
information. The other information comprises the information included in the Boards
Report including Annexures to Boards Report, Business Responsibility Report but does not
include the Standalone hid AS financial statements and our auditors report thereon.
Our opinion on the Standalone Ind AS financial statements does not cover the other
information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Standalone Ind AS financial statements, our
responsibility is to read the other information and, in doing so, consider whether the
other information is materially inconsistent with the standalone Ind AS financial
statements or our knowledge obtained during the course of our audit or otherwise appeals
to be materially misstated.
If, based on the work we have performed, we conclude that there is a material
misstatement of this other information, we are required to report that fact. We have
nothing to report in this i regard.
Managements Responsibility for the Standalone hid AS Financial Statements
The Companys 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 standalone Ind AS financial statements that give a true and fair view of the
financial position, financial performance, changes in equity 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. This responsibility also
includes maintenance of adequate
accounting records in accordance with the provisions oi‘the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other
irregularities; selection and application of appropriate implementation and maintenance of
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
statement that give a true and fair view and are free from material misstatement, whether
due to fraud or error.
In preparing the Standalone Ind AS financial statements, management is responsible for
assessing the Companys ability to continue as a going concern, disclosing, as applicable,
matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the companys financial
reporting process.
Auditors Responsibility for the Audit of the Standalone Ind AS Financial Statements
Our objectives are to obtain reasonable assurance about whether the Standalone Ind AS
financial statements as a whole are free from material misstatement, whether due to fraud
or error, and to issue an auditors report that includes our opinion. Reasonable assurance
is a high level of assurance but is not a guarantee that an audit, conducted in accordance
with SAs will always detect a material misstatement when it exists. Misstatements can
arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users
taken on the basis of these Standalone bid AS financial statements.
As part of an audit in accordance with SAs, we exercise professional judgment and
maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of rite Standalone Ind AS
Financial statements, whether due in fraud or error, design and perform audit procedures
responsive to those risks, and obtain audit evidence that is sufficient and appropriate to
provide a basis for our opinion. The risk of not detecting a material misstatement
resulting from fraud is higher than for one resulting from error, as fraud may involve
collusion, forgery, intentional omissions, misrepresentations, or the override of internal
control.
• Obtain an understanding of internal control relevant to the audit in order to
design audit procedures that are appropriate in the circumstances. Under section 143(3)(i)
of the Companies Act. 2013, we are not responsible for expressing our opinion on whether
the company has adequate internal financial controls system in place and the operating
effectiveness of such controls
• Evaluate the appropriateness of accounting policies used and the reasonableness
of accounting estimates and related disclosures made by management.
• Conclude on the appropriateness of managements use of the going concern basis
of accounting and, based on the audit evidence obtained, whether a material uncertainty
exists related to events or conditions that may cast significant doubt on the Companys
ability to continue as a going concern. If we conclude that a material uncertainty exists,
we are required to draw attention in our auditors report to the related disclosures in
the Standalone Ind AS Financial statements or, if such disclosures arc inadequate, to
modify our opinion. Our conclusions are based on the audit evidence obtained up to the
dale of our auditors report.
• However, future events or conditions may cause the Company to cease lo continue
ns a going concern.
• Evaluate the overall presentation, structure and content of the Standalone Ind
AS financial statements, including the disclosures, and whether the Standalone Ind AS
financial statements represent the underlying transactions and events in a manner that
achieves fair presentation.
We communicate with those charged with governance regarding, among other matters, the
planned scope and liming of the audit and significant audit findings, including any
significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied
with relevant ethical requirements regarding independence, and to communicate with them
all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards. From the matters communicated with
those charged with governance, we determine those matters that were of most significance
in the audit of the Standalone Ind AS financial statements of the current period and are
therefore the key audit matters. We describe these matters in our auditors report unless
law or regulation precludes public disclosure about the matter or when, >n extremely
rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the
public interest benefits of such communication.
Other Matters
There is no such other matter which we need to he mention in our Audit Report.
Report on Other Legal and Regulatory Requirements:
I. Companies (Auditors Report) Order 2016. issued by Central Government oflndia in
terms of sub section (11) of the Section 143 of the Companies Act, 2013 we give in
Annexure a
2. statement on the matters specified in paragraph 3 & 4 of the Order to the extent
possible. (Annexure 1)
3. As required by Section 143(3) of the Act, we report that:
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.
a. We have sought and obtained all the information and explanations which to the best
of our knowledge and belief were necessary for tile 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 books of accounts.
d. In our opinion, the aforesaid standalone Ind AS 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 31sl
March 2020 taken on record by the Doard of Directors, none of the directors is
disqualified as
f. on 31sl March 2020 from being appointed as a director in terms of Section 164 (2) of
the Act.
g. With respect to the adequacy of the internal financial controls over financial
reporting of the Company and the operating effective ness of such controls, refer to our
separate Report in Annexure 2,
h. With respect to the other matters to be included in the Auditors 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:
• The Company does not have any pending litigations which would impact its
financial position.
• The Company did not have any long-term contracts including derivative contracts
for which there were any material foreseeable losses.
• There has been no delay in transferring amounts, required to be transferred, to
the Investor Education and Protection Fund by the Company.
For Maps Company Chartered Accountants FRN- I18913W
Manik A, JLodh Partner
Membership No. - 10.3253 COIN: 21103253AAAAJ3B3737
| Place : Pune |
| Date : 41,1 June 2021 |
AIMNEXURE TO INDEPENDENT AUDITORS REPORT
on the Standalone jhul AS Financial Statements for the year ended 31s1 March 2021 As
per Companies (Auditors Report) Order, 2016 dt.29th March 2016.
Referred to in Paragraph 1 under the heading of "Report on other legal &
regulatory requirements" of our report of even date.
Re: - Whitehall Commercial Company Limited for the F.Y. 2020-21
1. Fixed assets -
The Company does not have any fixed assets. As such, our comments on the following
matters are not attracted -
• The Company has maintained proper record showing full particulars including
quantitative details and situation of fixed assets.
• The management has a regular program of physical verification at the end of the
year, has physically verified the fixed assets and we have been informed that no material
discrepancies were noticed on such verification as compared to book records.
• The title deeds of immovable properties of Company are held in the name of the
company.
2. Inventory -
• The company does not have any stock of inventory and hence the question of
frequency of verification does not arise.
• The company does not have any stock of inventory hence the question of proper
maintenance of records does not arise.
3. Loans eranted-
Company has not granted any secured or unsecured ioans to Companies, firms, Limited
Liability partnerships or other parties listed in the register maintained u/s 189 of
Companies Act 2013. Hence our comments on following matters are not attracted -
• Whether the terms and conditions of the grant of such loans are not prejudicial
to the companys interest;
• Whether the schedule of repayment of principal and payment of interest has been
stipulated and
• Whether the repayments or receipts are regu ar:
• In case the amount is overdue, the total amount overdue for more than ninety
days, and
• Whether reasonable steps have been taken by the company for recovery of the
principal and interest.
4. Loans. Investment. Guarantees & Security -
• Company has not granted any ioans or given guarantees - directly or indirectly -
to Directors or any other person in whom Directors are interested in contravention of
Section 185 and section 186 of Companies Act 2013.
• Company has not granted any loan or given guarantee or made investment or
provided security in contravention of Section 186 of Companies Act 2013.
5. Denosits-
• The Company has not accepted any deposits. Hence our comments on compliance of
the directives cf Reserve Bank of India, provisions of Sec.73 to 76 or any other relevant
provisions of the Companies Act 2013 & the rules framed there under are not required.
• The nature of contravention - not applicable.
• No order has been passed by Company Law Board, or National Company Law Tribunal
or Reserve Bank of India or any court or 3ny other Tribunal requiring any compliance.
6. Cost records-
The Company is not required to maintain cost records pursuant to Section 148(1) of the
Companies Act, 2013.
7. Statutory dues-
• According to the information & explanations given to us, Company is regular
in depositing undisputed statutory dues including Income-tax, Goods & Service Tax,
cess and any other statutory dues with appropriate authority for year ended 31s March
2021.
• No such undisputed dues were outstanding as at the last day of financial year
for a period of more than six months from due date.
• No such dues of Income tax, Goods & Service Tax, and Custom Duty were
outstanding on account of any dispute pending with any forum.
8. Defaults in repavment-
Based on the records examined by us 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 Government or debenture holders as at the Balance Sheet date. Hence
it is not necessary to report the period & amount of such default.
9. Utilization of funds-
• The Company has not raised funds by way of IPO or any Public offer (including
Debt instrument).
* The company has not raised funds by way of term loans.
10. Fraud-
• No fraud by the company or on the company by its officers or employees has been
noticed or reported during the year. Hence our comments on the nature of fraud and the
amount involved are not required.
11. Managerial remuneration -
• The manager al remuneration has not been paid or provided during the year. Hence
our comments regarding requisite approvals mandated by the previsions of section 197 read
with Schedule V to the Companies Act 2013 are not required.
12. Nidhi company -
• The Company is not a Nidhi Company & hence our comments related to Nidhi
Company are not attracted.
13. Related party transactions -
• All transactions with the related parties are in compliance with sections 177
and 188 of Companies Act, 2013 where applicable and
• The details have been disclosed in the Financial Statements by the way of Note
No.19 as per Ind AS-24.
14. Preferential allotment & private placement -
• The company has not made any private placement or preferential allotment of
shares or fully or partly convertible debentures during the year under review.
* Our comments on compliance with the provisions of section 42 of Companies Act, 2013
are not attracted.
• Our comments on the application of amount raised are not attracted.
15. Non-cash transactions with Directors -
• The company has not entered into any non-cash transactions with directors or
persons connected with him.
• Our comments on compliance with the provisions of section 19? of Companies Act,
2013 are not attracted.
16. Registration with RBI -
• Company is not required to be registered under section 45-IA of the Reserve Bank
of India Act, 1934 and hence, the registration has not been obtained.
| For Maps & Company Chartered Accountants |
| FRN - 118913W |
Membership No, -103253
| UDIN: 21103253AAAABB3737 |
| Place: Pune |
| Date: 4th June 2021 |
ANNEXIJRE 2
ANNEXIIRE TO THE INDEPENDENT AUDITORS REPORT
of Even Dale on Ihe standalone Ind AS Financial Statements of WHITEHALL C OMMERCIAL
COMPANY LIMITED
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section
143 of the Companies Act, 2013 ("the Act")
We have audited the internal financial controls over financial reporting of Whitehall
Commercial Company Limited as of March 31. 2021 in conjunction with our audit of the
standalone Ind AS financial statements of the Company for the year ended on that date.
Managements Responsibility for Internal Financial Controls
The Companys 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. 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 companys 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.
Auditors Responsibility
Our responsibility is to express an opinion on tlic Companys 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 "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 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 auditors judgement, including (he assessment of the risks of material
misstatement ollhe standalone Tnd AS financial statements, whether due to fraud or error.
We believe that (he audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinion on the Companys internal financial controls system
over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
A companys internal financial control over financial reporting is a process designed
to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of Ind AS financial statements for external purposes in accordance with
generally accepted accounting principles. A companys internal financial control over
financial reporting includes those policies 1 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 Ind AS
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 companys assets that could have a material effect on the Ind AS
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 arc 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 March 31.2021 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 Maps & Company |
| Chartered Accountants |
| FRN-1JL8913W |
| Manik A. Lodh |
| Partner |
| Membership No. - 103253 |
| LIDIN : 21103253AA AAHB3737 |
| Place : Pune |
| Date :4th June 2021 |
+91-9892691696
