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Wallfort Financial Services Ltd.

BSE: 532053 Sector: Financials
NSE: N.A. ISIN Code: INE121B01014
BSE LIVE 14:53 | 11 Dec 100.00 0.75
(0.76%)
OPEN

99.15

HIGH

101.15

LOW

99.15

NSE 05:30 | 01 Jan Stock Is Not Traded.
OPEN 99.15
PREVIOUS CLOSE 99.25
VOLUME 3275
52-Week high 117.30
52-Week low 39.20
P/E 5.33
Mkt Cap.(Rs cr) 97
Buy Price 99.50
Buy Qty 58.00
Sell Price 100.00
Sell Qty 53.00
OPEN 99.15
CLOSE 99.25
VOLUME 3275
52-Week high 117.30
52-Week low 39.20
P/E 5.33
Mkt Cap.(Rs cr) 97
Buy Price 99.50
Buy Qty 58.00
Sell Price 100.00
Sell Qty 53.00

Wallfort Financial Services Ltd. (WALLFORTFIN) - Auditors Report

Company auditors report

To

The Members of M/s Wallfort Financial Services Ltd.

Reporton the Financial Statements

We have audited the accompanying financial statements of Wallfort Financial ServicesLtd. ("the Company") which comprise the Balance Sheet as at March 312016 andthe Statement of Profit and Loss and Cash Flow Statement for the year Ihen ended and asummary of significant accounting policies and other explanatory information.

Management' Responsibility for the Financial Statements

The company's Board of Directors is responsible for the mailers stated in Section134(5) of the Companies Act. 2013 ("the Act") with respect to the preparation ofthese financial statement 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 Companies Act 2013 read with rule 7 of the companies (Accounts) Rules2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the company andfor preventing and detecting frauds and other irregularities selection and application ofappropriate accounting policies making judgments and estimates that are reasonable andprudent and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error

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 thereunder.

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 anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation and fairpresentation 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 adequate internal financialcontrol system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of accounting policies used andreasonableness of the accounting estimates made by the management as well as evaluatingthe overall presentation of the financial statements.

We believe that the audit evidence we have obtained :s sufficient andappropriate to provide a basis for our auditopinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the financial statements give the information required by the Act in themanner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India:

a) in the case of the Balance Sheet of the state of affairs of the Company as at March312016;

b) in the case of the Statement of Profit and Loss of the Profit for the year ended onthat date; and

c) in the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Reporton other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016("theOrder") issued by the Central Government of India in terms of sub-section (11) ofSection 143 of the Act we give in the Annexure A a statement on the matters specified inparagraphs 3 and 4 or 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 purpose of our audit.

b) In our opinion proper books of account as required by law have been kept by theCompany so far as appears from our examination of those books

c) The Balance Sheet Statement of Profit and Loss and Cash Flow Statement dealt withby this report are in agreement with the books of account

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards specified under section 133 of CompaniesAct. 2013 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 2016 and taken on record by the Board of Directors we report that none of thedirectors is disqualified as on March 31. 2016 from being appointed as a director in termsof Section 164(2) of the Companies Act 2013.

f) With respect to the adequacy of the internal financial controls over financialreporting of the group 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 Auditors Report inaccordance 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 explanation given to us:

1. The company has disclosed the impact of pending litigations on its financialposition in its financial statement

2 The company does not have any long term contracts including derivative contracts forwhich there were any material foreseeable losses

3. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For Kochar & Associates
Chartered Accountants
FRN: 105256W
CA. Piyush Kochar
Place: Mumbai Partner
Date: 28/5/2016 M. No:106049

ANNEXURE A TO THE AUDITOR'S REPORT

[Referred to in paragraph 1 under 'Report on other Legal and RegulatoryRequirements’ in the Independent Auditor's Report of even date to the members ofWallfort Financial Services Ltd. ("the Company") on the financial statements forthe period ended March 31.2016.]

i. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets. The fixed assets have been physicallyverified by the management at reasonable intervals. No material discrepancies were noticedon such verification The company does not hold any immovable properties

ii. The management has physically verified stocks of shares and debentures. In ouropinion the frequency of verification is reasonable. No material discrepancies werenoticed on such verification.

iii According to the information and explanation given to us the company has notadvanced Unsecured Loans to the Companies or other parties maintained under Section 189of the Companies Act 2013.

iv. The provisions of section 185 and 186 of the Companies Act 2013 have been compliedwith by the company during the year under review.

v. The Company has not accepted any deposits from the public during the period underreview Accordingly paragraph 3(v) of the order is not applicable.

vi To the best of our knowledge and as explained to us the Central Government has notprescribed the maintenance of cost records under section 148 {1) of the Companies Act 2013for the products of the company. Accordingly paragraph 3(vi) of the order is notapplicable.

vii.The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including income-tax service tax provident fund investoreducation and protection fund employee's state insurance cess and other materialstatutory dues applicable to it. According to the information and explanations given tous no undisputed amounts payable in respect of income tax provident fund investoreducation and protection fund employees state insurance cess and other undisputedstatutory dues were outstanding at the period end for a period of more than six monthsfrom the date the-- became payable except Service Tax amount to Rs. 100000/-

According to the information and explanation given to us there are no dues of incometax service tax provident fund investor education and protection fund employees stateinsurance and cess that have not been deposited on account of any dispute.

The provisions relating to sales tax wealth tax custom duty excise duly arecurrently not ' applicable to the company.

viii The company does not have any loans or borrowings from any financial institutiongovernment or debenture holders during the year. The company has a vailed on bankoverdraft facility from banks It has not defaulted on the same

ix. The company did not raise any money by way of initial Public Offer or furtherpublic offer and term loans during the year under review. Accordingly paragraph 3(ix) ofthe order is not applicable.

x Based on the Audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the Information and explanations given tous. we report that no fraud on or by the company has been noticed for reported during thecourse of cur audit.

xi. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid I provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofSection 197 read with Schedule V of the Act.

xii. In our opinion and according to the information and explanations given to us thecompany is not a Nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii According to the information and explanation given to us and based on ourexamination of the records of the company transactions with related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv According to the information and explanation given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

xv. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him requiring compliance withSection 192 of the Companies Act 2013.

xvi The company is not required to be registered as an NBFC under Section 45-IA of theRBI Act 1934

For Kochar & Associates
Chartered Accountants
FRN: 105256W
CA. Piyush Kochar
Partner
M.No: 106049
Place: Mumbai
Date: 20/5/2016

ANNEXURE B TO THE AUDITORS 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 WallfortFinancial Services Ltd .(The Company') as of 31 March 2016 in conjunction with our auditof the financial statements of the company for the yearended on thatdate.

Management's Responsibility forlnternal 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 or Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India ('ICAI') These responsibilitiesinclude the design implementation and maintenance of adequate inLernai financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and timeiy preparation of reliable financial information as requiredunder the Companies Act. 2013.

Auditors’ Responsibility

Our responsibility is to express an opinion on she 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 ICAl and deemed to beprescribed under Section 143 (10) of the Companies Act 2013 to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols 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 finacial reporting includedobtaining an understanding of internal financial controls over financial report ng.assessing 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 auditors' judgment including the assessmentthe risks of materialmisstatement 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 interna financial control over financial reporting is a process designed toprovide 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 a ecu rarely 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 flnancis statements inaccordance with generally accepted accounling principles and that receipts andexpenditures of the company are being made only in accordance with authorizations of theManagement and directors of the Company: and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected-Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may became 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 2016 based on theinternal control over financial reporting criLeria 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 Kochar & Associates
Chartered Accountants
FRN: 105256W
CA. Piyush Kochar
Partner
Place: Mumbai M. No:106049
Date: 28/5/2016