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Walchand Peoplefirst Ltd.

BSE: 501370 Sector: Others
NSE: N.A. ISIN Code: INE695D01021
BSE LIVE 14:38 | 17 Oct 127.00 -1.00
(-0.78%)
OPEN

130.00

HIGH

134.25

LOW

127.00

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 130.00
PREVIOUS CLOSE 128.00
VOLUME 257
52-Week high 212.00
52-Week low 109.20
P/E 40.84
Mkt Cap.(Rs cr) 37
Buy Price 127.00
Buy Qty 198.00
Sell Price 134.25
Sell Qty 336.00
OPEN 130.00
CLOSE 128.00
VOLUME 257
52-Week high 212.00
52-Week low 109.20
P/E 40.84
Mkt Cap.(Rs cr) 37
Buy Price 127.00
Buy Qty 198.00
Sell Price 134.25
Sell Qty 336.00

Walchand Peoplefirst Ltd. (WALCHANDPEOPLE) - Auditors Report

Company auditors report

To the Members of Walchand PeopleFirst Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Walchand PeopleFirstLimited (‘the Company') which comprise the Balance Sheet as at March 31 2017the Statement of Profit and Loss the Cash Flow Statement for the year then ended and asummary of the significant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese financial statements that give a true and fair view of the financial positionfinancial 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.

Auditor's Responsibility

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 accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof 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.

Opinion

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 2017 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 (Auditor's Report) Order 2016 (‘the Order')issued by the Government of India - Ministry of Corporate Affairs in terms of sub-section(11) of section 143 of the Act we enclose in the ‘Annexure - A' a statement on thematters 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 financial statements comply with the AccountingStandards 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 March31 2017 taken on record by the Board of Directors none of the director is disqualifiedas on March 31 2017 from being appointed as a director in terms of Section 164 (2) of theAct.

(f) with respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure B'; and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The company has disclosed the impact of pending litigations on its financialposition in its financial statements - Refer note no. 23 to the financial statements;

ii. The Company does not have any long-term contracts having material foreseeablelosses. The company does not have any derivative contracts;

iii. There were no amounts during the year which were required to be transferred tothe Investor Education and Protection Fund by the Company;

iv. The company has provided requisite disclosures in its financial statements as toholdings as well as dealings in ‘Specified Bank Notes' during the period from 8thNovember 2016 to 30th December 2016 and these are in accordance with the books ofaccounts maintained by the company - Refer Note no. 27 to the financial statement.

For K. S. Aiyar & Co.
Chartered Accountants
ICAI Firm Registration No. 100186W
Satish Kelkar
Place: Mumbai Partner
Date: April 21 2017 Membership No: 38934

Annexure - A to the Auditor's 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 for theyear ended on March 31 2017 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.In our opinion the frequency of verification is reasonable having regard to the size ofthe Company and the nature of its assets. No material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) In absence of inventories clauses (ii) of the Order are not applicable to theCompany.

(iii) As informed the Company has not granted any loans secured or unsecured tocompanies firms Limited Liability Partnerships or other parties covered in the registermaintained under Section 189 of the Companies Act 2013. Accordingly sub-clause (a) (b)and (c) are not applicable.

(iv) As the company doesn't have any loans investments guarantees or securitiesprovided in terms of section 185 & 186 of the Companies Act 2013 the clause (iv) ofthe Order is not applicable.

(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 March 312017 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 Lakhs) Period to which the amount relates Forum where disputes pending
Municipal Corporation of Greater Mumbai(BMC) Property Tax 284.97 2000-01 to 2016-17 Bombay High Court
Mumbai Port Trust Municipal Dues 137.13 1st Jan.'99 to 31st March' 17 City Civil Court

(viii)According to the information and explanations given to us the Company has nottaken any money from any financial institution bank or debenture holder and hence clause3(viii) of the order is not applicable to the Company.

(ix) The Company has not raised any moneys by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year.

(x) According to the information and explanations furnished by the management whichhave been relied upon by us there were no frauds on or by the Company noticed or reportedduring the course of our audit.

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

(xii) In our opinion the Company is not a Nidhi Company.

Therefore the provisions of clause 3 (xii) of the Order are not applicable to theCompany.

(xiii)All transactions with related parties are in compliance with sections 177 and 188of the Companies Act 2013 and the details have been disclosed in the financial statementas required by the applicable accounting standards.

(xiv) The Company has not made any preferential allotment or private placement ofshares or fully or partly convertible debentures during the year under review and henceclause 3 (xiv) of the Order is not applicable to the Company.

(xv) The Company has not entered into any non-cash transactions with directors orpersons connected with him and hence clause 3(xv) of the Order is not applicable to theCompany.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under section 45-IA of the Reserve Bank of India Act 1934.

For K. S. Aiyar & Co.
Chartered Accountants
ICAI Firm Registration No: 100186W
Satish Kelkar
Place: Mumbai Partner
Date: April 21 2017 Membership No.: 38934

Annexure - B to Auditor's Report

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of WalchandPeoplefirst Limited ("the Company") as of 31 March 2017 in conjunction withour audit of the standalone financial statements of the Company for the year ended on thatdate.

Management's Responsibility for Internal Financial Controls

The Company's management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at 31 March 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For K. S. Aiyar & Co.
Chartered Accountants
ICAI Firm Registration No: 100186W
Satish Kelkar
Place: Mumbai Partner
Date: April 21 2017 Membership No.: 38934