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Walchand Peoplefirst Ltd.

BSE: 501370 Sector: Others
NSE: N.A. ISIN Code: INE695D01021
BSE 14:47 | 28 Nov 121.00 -1.00
(-0.82%)
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119.00

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121.00

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115.10

NSE 05:30 | 01 Jan Walchand Peoplefirst Ltd
OPEN 119.00
PREVIOUS CLOSE 122.00
VOLUME 113
52-Week high 194.00
52-Week low 103.00
P/E 22.96
Mkt Cap.(Rs cr) 35
Buy Price 118.00
Buy Qty 10.00
Sell Price 120.65
Sell Qty 1.00
OPEN 119.00
CLOSE 122.00
VOLUME 113
52-Week high 194.00
52-Week low 103.00
P/E 22.96
Mkt Cap.(Rs cr) 35
Buy Price 118.00
Buy Qty 10.00
Sell Price 120.65
Sell Qty 1.00

Walchand Peoplefirst Ltd. (WALCHANDPEOPLE) - Auditors Report

Company auditors report

To

THE MEMBERS OF WALCHAND PEOPLEFIRST LIMITED

Report on the Audit of the Financial Statements Opinion

We have audited the financial statements of WALCHAND PEOPLEFIRST LIMITED("the Company") which comprise the Balance Sheet as at March 31 2022 and thestatement of Profit and Loss (including other comprehensive income) statement of cashflows and Statement of Changes in Equity for the year then ended and notes to thefinancial statements including a summary of significant accounting policies and otherexplanatory information. In our opinion and to the best of our information and accordingto the explanations given to us the aforesaid financial statements give the informationrequired by the Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the Indian Accounting Standards prescribedunder section 133 of the Act read with the Companies (Indian Accounting Standards) Rules2015 as amended ("Ind AS") and other accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2022 its Profit andtotal comprehensive income changes in equity and its cash flows for the year ended onthat date.

Basis for Opinion

We conducted our audit of the financial statements in accordance with the Standards onAuditing (SAs) specified under section 143(10) of the Act. Our responsibilities underthose Standards are further described in the Auditor's Responsibilities for the Audit ofthe Financial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia (ICAI) together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Act and the Rules made thereunder and wehave fulfilled our other ethical responsibilities in accordance with these requirementsand the ICAI's Code of Ethics. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion on the financialstatements.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. There are noKey Audit Matters to be reported.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report andShareholder's Information but does not include the financial statements and our auditor'sreport thereon.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements or our knowledge obtained during thecourse of our audit or otherwise appears to be materially misstated.

If based on the work we have performed we conclude that there is a materialmisstatement of this other information we are required to report that fact.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements

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 including other comprehensive income changes in equity and cashflows of the Company in accordance with the accounting principles generally accepted inIndia including the Indian accounting Standards specified under section 133 of the Act.This responsibility also includes maintenance of adequate accounting records in accordancewith the provisions of the Act for safeguarding of the assets of the Company and forpreventing 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 ofthe accounting 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.

In preparing the financial statements managements is responsible for assessing theCompany's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.

Obtain an understanding of internal financial controls relevant to the audit in orderto design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.

Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.

Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit. We alsoprovide those charged with governance with a statement that we have complied with relevantethical requirements regarding independence and to communicate with them allrelationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards. From the matters communicated withthose charged with governance we determine those matters that were of most significancein the audit of the financial statements of the current period and are therefore the keyaudit matters. We describe these matters in our auditor's report unless law or regulationprecludes public disclosure about the matter or when in extremely rare circumstances wedetermine that a matter should not be communicated in our report because the adverseconsequences of doing so would reasonably be expected to outweigh the public interestbenefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2020 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Companies Act 2013 we give in the "Annexure – A" a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

2. As required by Section 143(3) of the Act we report that: a. We have sought andobtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purposes of our audit. b. In our opinion proper books ofaccount as required by law have been kept by the Company so far as it appears from ourexamination of those books. c. The Balance Sheet the Statement of Profit and Lossincluding Other Comprehensive Income Statement of Changes in Equity and the Statement ofCash Flows dealt with by this Report are in agreement with the books of account. d. In ouropinion the aforesaid financial statements comply with the Indian Accounting Standardsspecified under Section 133 of the Act; e. On the basis of the written representationsreceived from the directors as on March 31 2022 taken on record by the Board ofDirectors none of the directors is disqualified as on March 31 2022 from being appointedas a director in terms of Section 164(2) of the Act.

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". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols over financial reporting. g. With respect to the other matters to be included inthe Auditor's Report in accordance with the requirements of section 197(16) of the Act asamended: In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its directors during theyear is in accordance with the provisions of section 197 of the Act; h. With respect tothe other matters to be included in the Auditor's Report in accordance with Rule 11 of theCompanies (Audit and Auditors) Rules 2014(as amended) in our opinion and to the best ofour 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 31 to the financial Statements.

ii. The Company did not have any long-term contracts including derivative for whichthere were any material foreseeable losses.

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company during the ended March 31 2022.

iv. i The Management has represented that to the best of it's knowledge and belief nofunds have been advanced or loaned or invested (either from borrowed funds or sharepremium or any other sources or kind of funds) by the Company to or in any other person(s)or entity(ies) including foreign entities ("Intermediaries") with theunderstanding whether recorded in writing or otherwise that the Intermediary shallwhether directly or indirectly lend or invest in other persons or entities identified inany manner whatsoever by or on behalf of the company ("Ultimate Beneficiaries")or provide any guarantee security or the like on behalf of the Ultimate Beneficiaries; iiThe Management has represented that to the best of it's knowledge and belief no fundshave been received by the company from any person(s) or entity(ies) including foreignentities ("Funding Parties") with the understanding whether recorded inwriting or otherwise that the Company shall whether directly or indirectly lend orinvest in other persons or entities identified in any manner whatsoever by or on behalf ofthe Funding Party ("Ultimate Beneficiaries") or provide any guarantee securityor the like on behalf of the Ultimate Beneficiaries; and iii Based on such auditprocedures that we have considered reasonable and appropriate in the circumstancesnothing has come to our notice that has caused us to believe that the representationsunder sub-clause (i) and (ii) contain any material mis-statement. v The dividend declaredduring the year by company is in compliance with section 123 of Companies Act 2013.

For C N K & Associates LLP
Chartered Accountants
Firm Registration No.: 101961W/W-100036
Sd/-
Pareen Shah
Partner
Membership No. 125011
Place: Mumbai
Date:29th April 2022
UDIN:22125011AICZVC9641

Annexure – A to the Independent Auditors' Report

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements' section of our report of even date) (i) (a) (A) The Company has maintainedproper records showing full particulars including quantitative details and situation ofthe property plant and equipment; (B) The Company has maintained proper records showingthe full particulars of Intangible assets; (b) As per information and explanation providedto us the management has carried out the physical verification of property plant andequipment during the year in accordance with a program of verification which in ouropinion provides physical verification of all assets at reasonable intervals having regardto the size of the Company and the nature of its assets. No material discrepancies werenoticed on such verification; (c) According to the information and explanations given tous and on the basis of our examination of the records the title deeds of all theimmovable properties disclosed in the financial statements are held in the name of theCompany; (d) According to the information and explanations given to us the Company hasnot revalued its Property Plant and Equipment (including Right of Use Asset) andIntangible Assets during the year. Accordingly reporting under clause 3(i)(d) is notapplicable to the Company; (e) According to the information and explanations given to usno proceedings has been initiated or pending against the company for holding any Benamiproperty under the Benami Transactions (Prohibition) Act 1988 (45 of 1988) and rules madethereunder; (ii) (a) The company is engaged in the business of providing service.Accordingly reporting under clause 3 (ii)(a) of the Order is not applicable to theCompany; (b) According to the information and explanations given to us and recordsexamined by us the Company has not been sanctioned working capital limits in excess offive crores rupees. Accordingly reporting under clause 3 (ii) (b) of the Order is notapplicable to the Company; (iii) According to the information and explanations given tous the Company has not made any investments in provided any guarantee or security orgranted any loans or advances in the nature of loans secured or unsecured to companiesfirms Limited Liability Partnership or other parties. Accordingly reporting under clause3 (iii) (a) (b)(c) (d) (e) & (f) are not applicable to the company. (iv) In ouropinion and according to the information and explanations given to us the company hasComplied with the provisions of section 185 and 186 of the Act in respect of loans granted investment made and guarantees and securities provided as applicable;

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits or amounts which are deemed to be deposits withinthe meaning of sections 73 to 76 of the Act and other relevant provisions of the Act andrules made thereunder; (vi) In our opinion and according to the information andexplanations given to us the Company is not required to maintain cost records pursuant tothe Companies (Cost Records and Audit) Amendment Rules 2016 and prescribed by theCentral Government under sub-section (1) of section 148 of the Companies Act 2013; (vii)(a) According to the information and explanations given to us and the records of theCompany examined by us in our opinion the company is generally regular in depositingundisputed statutory dues including Goods and Service tax provident fund employee stateinsurance income-tax sales tax service tax duty of custom duty of excisevalue added tax cess and other statutory dues as applicable to the appropriateauthorities. There were no undisputed amounts payable with respect to above statutory duesin arrears as at March 31 2022 for a period of six months from the date they becamepayable.

(b) According to the information and explanations given to us and the records of thecompany examined by us the particulars of statutory dues as at March 31 2022 which havenot been deposited on account of a dispute are as follows:

Name of the Statute Nature of Dues Forum where the matter is pending Period to which the amount relates Amount (in Lakhs)
Mumbai Port Trust Municipal Dues City Civil Court 1st Jan.'99 to 31st March' 20 206.11
Finance Act 1994 Service tax Deputy Commissioner July 2012 to June 2017 93.85
Finance Act 1994 Service tax Deputy Commissioner July 2012 to June 2017 14.33

(viii) According to the information and explanations given to us Company has notransactions which were not recorded in the books of account and which have beensurrendered or disclosed as income during the year in the tax assessments under the IncomeTax Act 1961 (43 of 1961); (ix) (a) In our opinion and according to the information andexplanations given to us company has not defaulted in repayment of loans or otherborrowings or in the payment of interest thereon to any lender during the year; (b)According to the information and explanations given to us the company is not declared asa wilful defaulter by any bank or financial institutions or other lender.

(c) In our opinion and according to the information and explanations given to us andrecords examined by us company has utilised the fund of term loan for the purpose forwhich the loans were obtained;

(d) According to the information and explanations given to us and the records examinedby us the Company has not raised any fund on short term basis. Accordingly reportingunder clause (ix)(d) is not applicable to the company; (e) In our opinion and according tothe information and explanations given to us the Company has no subsidiaries associatesor joint venture.

(ix) (a) In our opinion and according to the information and explanations furnished bythe management the Company has not raised any money by way of initial public offer orfurther public offer (including debt instruments) during the year. Accordingly reportingunder the clause 3 (x)(a) of the order is not applicable to the company.

(b) According to the information and explanations given to us the Company has not madeany preferential allotment or private placement of shares or convertible debentures(fully partially or optionally convertible) during the year. Accordingly reporting underthe clause 3 (x)(b) of the order is not applicable to the company.

(ix) (a) Based on the audit procedure performed for the purpose of reporting the trueand fair view of the Financial Statements and according to the information andexplanations provided by the management we report that no fraud by the Company or on theCompany has been noticed or reported during the course of our audit.

(b) According to the information and explanations provided to us no whistle-blowercomplaints has received during the year by the company; (xii) In our opinion and accordingto the information and explanations provided to us the Company is not a Nidhi company andtherefore the provisions of clause 3 (xii) of the Order are not applicable to the company.

(xiii) According to the records of the Company examined by us and the information andexplanations given to us all transactions with the related parties are in compliance withsections 177 and 188 of Companies Act 2013 and the details have been disclosed in theFinancial Statements Note No. 32 as required by the applicable accounting standards. (xiv)(a) In our opinion and according to the information and explanations provided by themanagement the company has an Internal audit system commensurate with the size and natureof the business of the company; (b) We have consider the report of the Internal Auditorsfor the year under audit.

(xv) According to the information and explanations given by the management the Companyhas not entered into non-cash transactions with directors or persons connected withthem as referred to in section 192 of the Act.

(xvi) (a) In our opinion and according to the information and explanations given to usthe provision of section 45-IA of the Reserve Bank of India Act 1934 are not applicableto the Company;

(b) According to the information and explanations given by the management the companyhas not conducted any Non – Banking Financial or Housing Finance activities.Accordingly reporting under the clause 3(xvi)(b) is not applicable to the company; (c) Inour opinion and according to the information and explanations provided by the managementthe company is not Core Investment Company as defined in the regulations made by theReserve Bank of India. Accordingly reporting under the clause 3(xvi)(c) is not applicableto the company; (d) In our opinion and according to the information and explanationsprovided by the management the company has no Core Investment Company (CIC) as part ofthe group. Accordingly reporting under the clause 3(xvi)(d) is not applicable to thecompany; (xvii) In our opinion the company has not incurred cash losses in the financialsyear and in the immediately preceding financials year; (xviii) There has not been anyresignation of the statutory auditor during the year; (xix) In our opinion and on thebasis of the financial ratios ageing and expected dates of realisation of financialassets and payments of financial liabilities other information accompanying the financialstatements our knowledge of the Board of Directors and management plans there is nomaterial uncertainty exists as on the date of audit report that the Company is not capableof meeting its liabilities existing at the balance sheet date as and when they fall duewithin a period of one year from the balance sheet date; (xx) In our opinion and accordingto the information and explanations provided by the management the company do not fallunder the prescribed classes of the Companies mentioned under the section 135(1) of theCompanies Act 2013;

(xxi) In our opinion and according to the information and explanations provided by themanagement the company do not have any subsidiary associates or joint venture and thecompany is not required to prepare Consolidated Financial Statements as per the section129 of the Companies Act. Accordingly reporting under the clause 3(xxi) is not applicableto the Company.

For C N K & Associates LLP
Chartered Accountants
FRN: 101961W/W-100036
Sd/-
Pareen Shah
Partner
Membership No. 125011
Place: Mumbai
Date:29th April 2022
UDIN:22125011AICZVC9641

Annexure – B to the 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") Opinion

We have audited the internal financial controls over financial reporting of WALCHANDPEOPLEFIRST LIMITED ("the Company") as of March 31 2022 in conjunction withour audit of the financial statements of the Company for the year ended on that date.

In our opinion the Company has in all material respects an adequate internalfinancial control systems over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2022 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.

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 authorizations ofmanagement 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 become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

For C N K & Associates LLP
Chartered Accountants
FRN: 101961W/W-100036
Sd/-
Pareen Shah
Partner
Place: Mumbai Membership No. 125011
Date:29th April 2022 UDIN:22125011AICZVC9641

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