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Wall Street Finance Ltd.

BSE: 511147 Sector: Financials
NSE: N.A. ISIN Code: INE549D01012
BSE 11:36 | 24 Apr 27.50 -0.45
(-1.61%)
OPEN

25.80

HIGH

27.50

LOW

25.80

NSE 05:30 | 01 Jan Wall Street Finance Ltd
OPEN 25.80
PREVIOUS CLOSE 27.95
VOLUME 31
52-Week high 34.60
52-Week low 20.10
P/E
Mkt Cap.(Rs cr) 32
Buy Price 27.50
Buy Qty 209.00
Sell Price 28.45
Sell Qty 100.00
OPEN 25.80
CLOSE 27.95
VOLUME 31
52-Week high 34.60
52-Week low 20.10
P/E
Mkt Cap.(Rs cr) 32
Buy Price 27.50
Buy Qty 209.00
Sell Price 28.45
Sell Qty 100.00

Wall Street Finance Ltd. (WALLSTREETFIN) - Auditors Report

Company auditors report

To the Members

Wall Street Finance Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS financial statements of Wall StreetFinance Limited ('the Company') which comprise the Balance Sheet as at 31st March 2018the Statement of Profit and Loss (including other comprehensive income) the Cash FlowStatement and the Statement of Changes in Equity for the year then ended and a summary ofthe significant accounting policies and other explanatory information (herein afterreferred to as "standalone Ind AS financial statements"). The financialstatements for the year ended March 31 2017 were audited and reported upon by anotherfirm of Chartered Accountants vide their report issued on May 30 2017. We have reliedupon these financial statements for the purpose of opening balances as at April 012017which are regrouped or restated where necessary.

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 ofthese standalone Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with relevant rules issued there under.

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 standalone IndAS financial 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 standalone Ind AS financialstatements based on 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 of the standalone Ind AS financial statements in accordance withthe 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 standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS financial statements thatgive a true and fair view in order to design audit procedures that are appropriate in thecircumstances. An audit also includes evaluating the appropriateness of the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the standalone Ind AS financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS of thestate of affairs of the Company as at 31st March 2018 and its profit totalcomprehensive income its cash flows and the changes in equity for the year ended on thatdate.

Emphasis of Matter

We draw attention to the following matters in the Notes to the financial statements:

Note No. 33 of the Financial Statements relating to applicability of Service Tax onMTSS Commission Income as per CBEC Circular No. 180/06/2014 dated 14th October2014. The company has not provided for the service tax on such income for the reasonsspecified in the said note. The said business was sold by the Company during the currentfinancial year.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. 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 including other comprehensiveincome the cash flow statement and statement of changes in equity dealt with by thisReport are in agreement with the relevant books of account;

(d) in our opinion the aforesaid Ind AS financial statements comply with the IndianAccounting Standards prescribed under Section 133 of the Act read with relevant ruleissued there under;

(e) on the basis of the written representations received from the directors as on31stMarch 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms of Section164 (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 A"; 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has discussed the impact of pending litigations on its financialposition- Refer Note No. 32 to the Ind AS financial statements.

ii. The Company does not have any long term contracts including derivatives contractsfor which there were any material foreseeable losses.

iii. There has been no delay in transferring amount required to be transferred to theInvestor Education and Protection Fund.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of

the Order

For D T S & Associates
Chartered Accountants
Registration No. 142412W
Anuj Bhatia
(Partner)
M. No. 122179
Place : Mumbai
Date : May 14 2018

Annexure - A to the Independent Auditors' Report on the Standalone Ind AS financialstatements of Wall Street Finance Limited

(Referred to in paragraph 1 (f) under 'Report on Other Legal and RegulatoryRequirements' of our report of even date)

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 Wall StreetFinanceLimited ("the Company") as of 31st March 2018 in conjunction with ouraudit of the standalone Ind AS financial statements of the Company for the year ended onthat 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 Reporting (the"Guidance Note") issued by the Institute of Chartered Accountants of India('ICAI'). These responsibilities include the design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theorderly and efficient conduct of its business including adherence to company's policiesthe safeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information 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 and the Standards on Auditing issued by ICAI 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. 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 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 31st 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.

For D T S & Associates
Chartered Accountants
Registration No. 142412W
Anuj Bhatia
(Partner)
M. No. 122179
Place : Mumbai
Date : May 14 2018

Annexure - B to the Independent Auditors' Report on the Standalone Ind AS financialstatements of Wall Street Finance Limited

(Referred to in paragraph 2 under 'Report on Other Legal and Regulatory Requirements'section of our Report of even date)

(i) (a) The Company has generally maintained proper books and records showing fullparticulars including quantitative

details and situations of fixed assets

(b) The Company has a regular program of physical verification of its fixed assets bywhich all fixed assets are physically verified periodically. In our opinion periodicityof physical verification is reasonable having regard to the size of the Company and thenature of its business. According to information and explanations given to us no materialdiscrepancies were noticed on such verification;

(c) The title deeds of immovable properties of the company are held in the name of thecompany.

(ii) The inventory of foreign currency has been physically verified by the managementat reasonable intervals. No discrepancies were noticed on physical verification ofinventory of foreign currency encashed travelers cheque and encashed currency card ascompared to book records.

(iii) The company has not granted any loans secured or unsecured to companies firmsor other parties covered in the register of maintained under Section 189 of the CompaniesAct 2013.

(iv) In our opinion and according to the explanations given to us the Company hascomplied with the provisions of Section 185 and 186 of the Act in respect of grant ofloans making investments and providing guarantees and securities as applicable.

(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposit from the public. In respect of deposits acceptedearlier from public in our opinion and according to the information and explanationsgiven to us the company has complied with the directions issued by the Reserve Bank ofIndia

(vi) According to the information and explanation given to us the Central Governmentvide Companies (Cost records and audit) Rules 2014 has not prescribed the maintenance ofcost records under sub-section (1) of section 148 of the Companies Act 2013.

(vii) In respect of statutory dues:

(a) According to the information and explanation given to us and according to therecords of the Company as examined by us undisputed statutory dues including income taxcustom duty excise duty service tax goods and service tax cess and other statutorydues have been regularly deposited during the year with the appropriate authorities. Noundisputed amounts payable were outstanding as at March 31 2018 for a period of more thansix months from the date on which they become payable.

(b) According to the information and explanation given to us and based on the recordsof the Company examined by us dues of income tax VAT and other statutory duesoutstanding as on March 31 2018 which have not been deposited on account of any disputeare tabulated below:-

Name of Statute Nature of Dues Amount (R In Lakhs) Period to which it Relates Forum where pending
TDS 14.55 AY 2008-09 to AY 2017-18 DCIT - CPC TDS
Income Tax Act 1961 Income Tax 38.62 FY 2014- 2015 Commissioner of Income - Tax (Appeals)

(viii) According to the information and explanations given to us and based on theverification of records of the company the company has not defaulted in repayment ofloans or other borrowings from financial institutions banks Government or due todebenture holder

(ix) According to the information and explanations provided to us and as per therecords of the company examined by us company has not raised funds by way of publicissue/ follow-on offer (including debt instruments) during the year. According to theinformation and explanations provided to us the term loans raised have been applied bythe company during the year for the purposes for which they were raised.

(x) To the best of our knowledge and belief and according to the information andexplanation given to us no fraud by the Company or any fraud on the Company by itsofficers/ employees has been noticed or reported during the year.

(xi) Managerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with schedule V to the CompaniesAct.

(xii) In our opinion and according to information and explanations given to is Companyis not a Nidhi Company.

(xiii) All transactions with the related parties are in compliance with Section 188 and177 of Companies Act 2013 where applicable and the details of the same have beendisclosed in the Financial Statements in Note 31 as required by the accounting standardsand Companies Act 2013.

(xiv) During the year under review the company has not made any preferential allotment/ private placement of shares or fully or partly convertible debentures.

(xv) During the year under review the company has not entered into any non-cashtransactions with directors or persons connected with him.

(xvi) The company is not required to be registered under section 45-IA of Reserve Bankof India Act 1934.

For D T S & Associates
Chartered Accountants
Registration No. 142412W
Anuj Bhatia
(Partner)
M. No. 122179
Place : Mumbai
Date : May 14 2018