Independent Auditors Report
To the Members of Walehand People First Limited,
Report on the Financial Statements
We have audited the accompanying financial statements of Walehand PeopleFirstLimited (the Company), which comprise the Balance Sheet as at March 31,2015, 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.
Managements Responsibility for the Standalone Financial Statements
The Companys Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act, 2013 (the Act) with respect to the preparation ofthese financial statements that give a true and fair view of the financial position,financial performance and cash flows of the Company in accordance with the accountingprinciples generally accepted in India, including the Accounting Standards specified underSection 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign, implementation and maintenance of adequate internal financial controls, that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords, relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement, whether due to fraud orerror.
Our responsibility is to express an opinion on these financial statements based on ouraudit.
We have taken into account the provisions of the Act, the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under. We conducted our audit in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the financial statements are free from materialmisstatement.
An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditors judgment, including the assessment of the risks of material misstatement ofthe financial statements, whether due to fraud or error. In making those risk assessments,the auditor considers internal financial control relevant to the Companyspreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances, but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Companys Directors, aswell as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.
In our opinion and to the best of our information and according to the explanationsgiven to us, the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India, of the state of affairs of the Company as at March31, 2015, and its profit and its cash flows for the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors Report) Order, 2015 (theOrder) issued by the Government of India - Ministry of Corporate Affairs, in termsof sub-section (11) of section 143 of the Act, we enclose in the annexure a statement onthe matters specified in paragraphs 3 and 4 of the said 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 bestof our knowledge and belief were necessary for the purposes of our audit.
(b) In our opinion, proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books.
(c) The Balance Sheet, the Statement of Profit and Loss, and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.
(d) In our opinion, the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act, read with Rule 7 of theCompanies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from the directors as on March31, 2015 taken on record by the Board of Directors, none of the directors is disqualifiedas on March 31, 2015 from being appointed as a director in terms of Section 164 (2) of theAct.
(f) With respect to the other matters to be included in the Auditors Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinionand to the best of our information and according to the explanations given to us:
i. The company has disclosed the impact of pending litigations on its financialposition in its financial statement - Refer note 24.
ii. The Company does not have any long-term contracts having material foreseeablelosses. The company does not have any derivative contracts;
iii. There has been no delay in transferring amounts, required to be transferred, tothe Investor Education and Protection Fund by the Company.
|For K. S. Aiyar & Co.|
|ICAI Firm Registration No. 100186W|
|Satish K. Kelkar|
|Date: 6th May, 2015||Membership No: 38934|
ANNEXURE TO THE AUDITORS REPORT
(Referred to in paragraph 1 under the heading Report on Other Legal andRegulatory Requirements of our Report of even date on the financial statements forthe year ended on March 31, 2015, of Walchand PeopleFirst Limited)
(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b)The fixed assets have been physically verified by the management during the year. Inour opinion the frequency of verification is reasonable having regard to the size of theCompany and the nature of its assets. No material discrepancies were noticed on suchverification.
(ii) In absence of inventories, clauses (ii)(a),(ii)(b) & (ii)(c) of the Order arenot applicable to the Company.
(iii) As informed, the Company has not granted any loans, secured or unsecured tocompanies, firms or other parties covered in the register maintained under Section 189 ofthe Companies Act, 2013. Accordingly, sub-clause (a) and (b) of the Order are notapplicable.
(iv) 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 andthe nature of its business for the purchase of fixed assets and for the sale of goods andservices. During the course of our audit, no major weakness has been noticed in theinternal control system in respect of this area.
(v) The Company has not accepted any deposits from the public to which the provisionsof section 73 to 76 or any other relevant provisions of the Companies Act, 2013 or theCompanies (Acceptance of Deposit) Rules 2014 or the directives issued by the Reserve Bankof India apply.
(vi) We have been informed that the Company is not required to maintain cost recordsunder sub-section (1) of section 148 of the Companies Act, 2013, which has been reliedupon.
(vii) (a) According to the records of the Company, the Company is generally regular indepositing with appropriate authorities undisputed statutory dues including providentfund, sales tax, wealth tax, income-tax and service tax and other statutory dues. Based onour audit procedures and according to the information and explanations given to us, thereare no arrears of undisputed statutory dues which remained outstanding as at 31st March2015, for a period of more than six months from the date they became payable.
(b) According to the information and explanations given to us and records of theCompany, the dues outstanding of income-tax, customs duty, wealth-tax, service tax, andcess which have not been deposited on account of any dispute, are as follows:
|Name of statute||Nature of dues||Amount (Rs.In Lacs)||Period to which the amount relates||Forum where disputes pending|
|Income Tax||Income Tax||70.01||2008-09||ITAT|
|Municipal||Property||276.88||2000-01 to 2014-15||Bombay High|
|Corporation of Great||Tax||Court|
|Mumbai Port||Municipal||119.98||1st Jan.99 to||City Civil|
|Trust||Dues||31st March 15||Court|
(c) Based on our examination of the records maintained during the year, there has beenno delay in transferring amounts, required to be transferred, to the Investor Educationand Protection Fund by the Company. (vm)The Company does not have any accumulated lossesat the end of the financial year and has not incurred any cash losses during the financialyear covered by our audit
(ix) In our opinion and according to the information and explanations given to us, weare of the opinion that the Company has not defaulted in repayment of dues to anyfinancial institution, banks. The Company does not have any outstanding debentures
(x) According to the information and explanations given to us, the Company has notgiven guarantee for loans taken by others from bank or financial institutions.
(xi) In our opinion the term loans have been applied for the purpose for which theywere raised.
(xiij According to the information and explanations furnished by the management, whichhave been relied upon by us, there were no frauds on or by the Company noticed or reportedduring the year.
|For K. S. Aiyar & Co.|
|ICAI Firm Registration No: 100186W|
|Satish K. Kelkar|
|Date: 6th May, 2015||Membership No.: 38934|
Pallavi Sanjay Jha , Chairperson & Managing Direct
M N Bhagwat , Director
Sanjay Jha , Whole-time Director
V K Verma , Director
Company Head Office / Quarters:
1 Construction House,
5 Walchand Hirachand Marg,
Phone : Maharashtra-91-22-67818181 / Maharashtra-
Fax : Maharashtra-91-22-22610574 / Maharashtra-
E-mail : email@example.com
Web : http://www.walchandpeoplefirst.com
Computech Sharecap Ltd
147 M G Road 3rd Flo,3rd Flr Opp Jehanagi,Art Gallery Fort,Mumbai-400023