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Walchand Peoplefirst Ltd.

BSE: 501370 Sector: Others
NSE: N.A. ISIN Code: INE695D01021
BSE 00:00 | 24 Apr 93.05 0
(0.00%)
OPEN

98.55

HIGH

98.55

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92.00

NSE 05:30 | 01 Jan Walchand Peoplefirst Ltd
OPEN 98.55
PREVIOUS CLOSE 93.05
VOLUME 627
52-Week high 146.00
52-Week low 66.45
P/E 13.70
Mkt Cap.(Rs cr) 27
Buy Price 86.10
Buy Qty 100.00
Sell Price 94.95
Sell Qty 40.00
OPEN 98.55
CLOSE 93.05
VOLUME 627
52-Week high 146.00
52-Week low 66.45
P/E 13.70
Mkt Cap.(Rs cr) 27
Buy Price 86.10
Buy Qty 100.00
Sell Price 94.95
Sell Qty 40.00

Walchand Peoplefirst Ltd. (WALCHANDPEOPLE) - Auditors Report

Company auditors report

Independent Auditor's Report

To the Members of Walchand PeopleFirst Limited

Report on the Ind AS Financial Statements

We have audited the accompanying financial statements of Walchand PeopleFirstLimited (‘the Company') which comprise the Balance Sheet as at March 31 2018the Statement of Profit and Loss (including other comprehensive income) the Statement ofCash Flow for the year then ended and the statement of changes in equity for the year thenended and a summary of the significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Ind AS 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 of IndAS financial statements that give a true and fair view of the financial positionfinancial performance including other comprehensive income and cash flows and changes inequity of the Company in accordance with the accounting principles generally accepted inIndia including the Indian Accounting Standards (Ind AS) prescribed under Section 133 ofthe Act read with relevant rules made thereunder.

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 ofthe accounting records relevant to the preparation and presentation of the Ind ASfinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit.

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 Ind AS financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Ind AS financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of theInd AS financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Ind AS financial statements that give a true and fair view in order todesign audit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the Ind AS financial statements. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our auditopinion on the Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the financial position of thecompany as at March 31 2018 and its financial performance including other comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Other Matter

The Company had prepared separate sets of statutory financial statements for the yearended 31 March 2017 and 31 March 2016 in accordance with Accounting Standards prescribedunder Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 (asamended) on which we issued auditor's reports to the shareholders of the Company dated 21April 2017 and 27 April 2016 respectively. These financial statements have been adjustedfor the differences in the accounting principles adopted by the Company on transition toInd AS which have also been audited by us. Our opinion is not qualified in respect ofthis matter.

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 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 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 Flow dealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards (Ind AS) specified under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March31 2018 taken on record by the Board of Directors none of the director is disqualifiedas on March 31 2018 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 beincluded in the Auditor's Report in accordance with Rule 11 of the Companies (Audit andAuditors) Rules 2014 in our opinion and to the best of our information and according tothe explanations given to us: i. The company has disclosed the impact of pendinglitigations on its financial position in its financial statements - Refer note no. 29 tothe Ind AS financial statements; ii. The Company does not have any long-term contractshaving material foreseeable losses.

The company does not have any derivative contracts; iii. There were no amounts duringthe year which were required to be transferred to the Investor Education and ProtectionFund by the Company;

For K. S. Aiyar & Co.
Chartered Accountants
ICAI Firm Registration No. 100186W
Satish Kelkar
Place: Mumbai Partner
Date: May 2 2018 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 2018 of Walchand PeopleFirst Limited) (i) (a) The Companyhas maintained proper records showing full particulars including quantitative details andsituation 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 Income Tax Sales Tax Service Tax Goods and Service Tax and any other statutorydues applicable to it. Based on our audit procedures and according to the information andexplanations given to us there are no arrears of undisputed statutory dues which remainedoutstanding as at March 31 2018 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us and records of theCompany the dues outstanding of property tax and municipal tax which have not beendeposited 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 289.02 2000-01 to 2017-18 Bombay High Court
Mumbai Port Trust Municipal Dues 147.56 1st Jan.'99 to 31st March' 18 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 tothe information and explanations furnished by the management which have been relied uponby us there were no frauds on or by the Company noticed or reported during the course ofour audit.

(xi) According to the information and explanations give 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 aNidhi 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 Ind AS financialstatement as 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: May 2 2018 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 WalchandPeoplefirstLimited ("the Company") as of 31 March 2018 in conjunction with our audit ofthe Ind AS financial statements of the Company for the year ended on that date.

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 Ind AS 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 Ind AS financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of Ind ASfinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company's assets that could have a material effect on the Ind ASfinancial 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 2018 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: May 2 2018 Membership No.: 38934