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Wall Street Finance Ltd.

BSE: 511147 Sector: Financials
NSE: N.A. ISIN Code: INE549D01012
BSE 00:00 | 24 Sep 21.70 -0.20
(-0.91%)
OPEN

21.10

HIGH

21.70

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20.85

NSE 05:30 | 01 Jan Wall Street Finance Ltd
OPEN 21.10
PREVIOUS CLOSE 21.90
VOLUME 1090
52-Week high 26.74
52-Week low 12.38
P/E
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.10
CLOSE 21.90
VOLUME 1090
52-Week high 26.74
52-Week low 12.38
P/E
Mkt Cap.(Rs cr) 25
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Wall Street Finance Ltd. (WALLSTREETFIN) - Auditors Report

Company auditors report

To the Members of Wall Street Finance Limited

Report on the Audit of the standalone Ind As Financial statements

opinion

We have audited theaccompanying Standalone Financial Statements of Wallstreet Finance Limited ("the Company") which comprise the Balance Sheet as at31st March 2020 the Statement of Profit and Loss (including OtherComprehensive Income) the Statement of Changes in Equity and the Statement of Cash Flowsfor the year then ended and notes to the standalone financial statements including asummary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 as amended ("the Act") in themanner 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 2020 its loss including other comprehensive income changes in equity and its cashflows for the year ended on that date.

Basis for opinion

We conducted our audit of the Standalone Financial Statements inaccordance with the Standards on Auditing (SAs) specified under section 143(10) of theAct. Our responsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Financial Statements section of our report. We areindependent of the Company in accordance with the Code of Ethics issued by the Instituteof Chartered Accountants of India together with the ethical requirements that are relevantto our audit of the Standalone Financial Statements under the provisions of the Act andthe Rules thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis for our opinionon the Standalone Financial Statements.

Key Audit Matters

Key audit matters are those matters that in our professionaljudgement were of most significance in our audit of the Standalone Financial Statementsfor the financial year ended March 312020.These matters were addressed in the context ofour audit of the Standalone Financial Statements as a whole and in forming our opinionthereon and we do not provide a separate opinion on these matters. For each matter belowour description of how our audit addressed the matter is provided in that context.

We have determined the matters described below to be the key auditmatters to be communicated in our report. We have fulfilled the responsibilities describedin the Auditors' responsibilities for the audit of the Standalone Financial Statementssection of our report including in relation to these matters. Accordingly our auditincluded the performance of procedures designed to respond to our assessment of the risksof material misstatement of the Standalone Financial Statements. The results of our auditprocedures including the procedures performed to address the matters below provide thebasis for our audit opinion on the accompanying Standalone Financial Statements.

Key Audit Matters principal Audit procedures
1. Revenue Recognition Our audit procedure included among others evaluating the design and performing tests over the operating effectiveness of relevant key revenue controls including reconciliation between the transaction recording system general ledger and bank statements.
Fee & Trading Income consists of the margin generated from foreign currency .
Our audit approach was a combination of test of control and substantive procedures which include the following:
- Perform data analytic techniques to derive sample of Sales & Purchase of Forex transaction.
- Checked the sample transaction derived through above process.
- Examined supporting documents for a sample of manual journal related to sale and purchase currency.
- Performed tests over the operating effectiveness of key reconciliation controls between the transaction recording system general ledger and related to cash
Key Audit Matters principal Audit procedures
2. IT Systems and control over financial reporting Our procedures included and were not limited to the following:
We identified IT systems and controls over financial reporting as a key audit matter for the Company because its financial accounting and reporting systems are fundamentally reliant on IT systems and IT controls to process significant transaction volumes across various branches through which the company operates.
- Assessment of the complexity of the environment through discussion with the head of IT.
- Assessment of the design and evaluation of the operating effectiveness of general IT controls over access to programs and data and IT operations.
Automated accounting procedures and IT environment controls which include IT governance general IT controls over program development and changes access to programs and data and IT operations IT application controls are required to be designed and to operate effectively to ensure accurate financial reporting.
- Assessment of the design and evaluation of the operating effectiveness of IT application controls in the key processes impacting financial reporting of the Company.
3. Capitalisation & Amortisation of Internally Generated Intangible Assets Our procedures in relation to capitalization of intangibleassets included:
We identified the capitalization of software development costs as a key audit matter due to significant management judgement about the future performance and viability of the software. The Company has to apply judgement in identifying projects meeting the criteria for capitalization under the requirements of accounting standards and to capture accurate time and cost information for those projects - Verification of the management's evaluation and approval of the capital expenditure vis-a-vis the objectives and future benefits of such expenditure.
- Evaluating the nature of the type of expenses incurred that are capitalized into intangible assets;
- Assessing the reasonableness of the capitalization based on our knowledge of the business and industry; and
- Verification of relevant supporting documents and records on a test check basis.
4 Evaluation of Income tax provisions Our procedures included:
A demand of R 143 lakhs had been raised for AY 16-17 on account of an Inter-Corporate loan taken from a company considered as unexplained cash credit and the tax demand was fully recovered by the department.The company has filed an appeal against such unwarranted demand and accordingly no provision has been made for such demand. - Obtaining details of the assessment order for the AY 16-17 from management.
- Obtaining and evaluating the appeal filed by the Company with the help of tax experts.
- Evaluating management's position on such demand considering legal precedence and other rulings
Refer Note 11 of the financial statements
We identified the above as a key audit matter based on materiality and the nature of demand.

Information Other than the Standalone Financial Statements andAuditor's Report Thereon

The Company's Board of Directors is responsible for the otherinformation. The other information comprises the information included in the AnnualReport but does not include the Standalone Financial Statements and our auditors' reportthereon.

Our opinion on the Standalone Financial Statements does not cover theother information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whethersuch other information is materially inconsistent with the financial statements or ourknowledge obtained in the audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information we are required to report that fact. We have nothing to report in thisregard.

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the matters statedin section 134(5) of the Act with respect to the preparation of these Standalone FinancialStatements that give a true and fair view of the financial position financial

performance including other comprehensive income changes in equity andcash flows of the Company in accordance with the accounting principles generally acceptedin India including the Indian Accounting Standards (Ind AS) specified under section 133of the Actread with the Companies (Indian Accounting Standards) Rules 2015 as amended.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 StandaloneFinancial Statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

In preparing the Standalone Financial Statements management isresponsible for assessing the Company's ability to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.

Those Board of Directors are also responsible for overseeing thecompany's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether theStandalone Ind AS financial statements as a whole are free from material misstatementwhether due to fraud or error and to issue an auditor's report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.

As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.

• Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. Undersection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the company has adequate internal financial controls system in place and theoperating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and thereasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the goingconcern basis of accounting and based on the audit evidence obtained whether a materialuncertainty exists related to events or conditions that may cast significant doubt on theCompany's ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditor's report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditor's report. However future events or conditions may cause the Companyto cease to continue as a going concern.

• Evaluate the overall presentation structure and content of thefinancial statements including the disclosures and whether the financial statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation.

We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.

We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.

From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements for the financial year ended March 312020 and are therefore

the key audit matters. We describe these matters in our auditors'report unless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016("the Order") issued by the Central Government of India in terms of sub-section(11) of section 143 of the Companies Act 2013 we give in the "Annexure A" ofthis report a statement on the matters specified in paragraphs 3 and 4 of the Order tothe extent applicable.

2. As required by Section 143(3) of the Act we report that:

(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit;

(b) In our opinion proper books of account as required by law havebeen kept by the Company so far as it appears from our examination of those books;

(c) The Balance Sheet the Statement of Profit and Loss including theStatement of Other Comprehensive Income the Statement of Changes in Equity and the CashFlow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Standalone Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act read withCompanies (Indian Accounting Standards) Rules 2015 as amended;

(e) On the basis of the written representations received from thedirectors as on 31st March 2020 taken on record by the Board of Directorsnone of the directors is disqualified as on 31st March 2020 from beingappointed as a director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy of the internal financial controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to our separateReport in "Annexure B";

(g) In our opinion the managerial remuneration for the year endedMarch 31 2020 has been paid/provided by the Company to its directors in accordance withthe provisions of section 197 read with Schedule V to the Act;

(h) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:

i. The Company has disclosed the impact of pending litigations on itsfinancial position in its Standalone Financial Statements - Refer Note 31 to theStandalone Financial Statements;

ii. The Company did not have any long-term contracts includingderivative contracts for which there were any material foreseeable losses.

iii. There has been no delay in transferring amount required to betransferred to the Investor Education and Protection Fund

For D T S & Associates LLP
Chartered Accountants
Registration No. 142412W/W100595
T. p. ostwal
(Partner)
Place : Mumbai M. No.030848
Date : June 17 2020
UDIN:20030848AAAAAW9076

Annexure - A to the Independent Auditors' Report on the StandaloneFinancial Statements of Wall Street Finance

Limited

(Referred to in paragraph 1 under 'Report on Other Legal andRegulatory Requirements' section of our Report of even date)

(i) (a) The Company has generally maintained proper books and recordsshowing full particulars including quantitative

details and situations of fixed assets.

(b) The Company has a regular program of physical verification of itsfixed assets by which all fixed assets are physically verified periodically. In ouropinion periodicity of physical verification is reasonable having regard to the size ofthe Company and the nature of its business. According to information and explanationsgiven to us no material discrepancies were noticed on such verification;

(c) There are no immovable properties that are held by the company.

(ii) The inventory of foreign currency has been physically verified bythe management at reasonable intervals. No discrepancies were noticed on physicalverification of inventory of foreign currency encashed travelers cheque and encashedcurrency card as compared to book records.

(iii) The company has not granted any loans secured or unsecured tocompanies firms or other parties covered in the register of maintained under Section 189of the Companies Act 2013.

(iv) In our opinion and according to the explanations given to us theCompany has complied with the provisions of Section 185 and 186 of the Act in respect ofgrant of loans making investments and providing guarantees and securities as applicable.

(v) In our opinion and according to the information and explanationsgiven to us the company has not accepted any deposit from the public. In respect ofdeposits accepted earlier from public in our opinion and according to the information andexplanations given to us the company has complied with the directions issued by theReserve Bank of India.

(vi) (vi) According to the information and explanation given to us theCentral Government vide Companies (Cost records and audit) Rules 2014 has not prescribedthe maintenance of cost records under sub-section (1) of section 148 of the Companies Act2013.

(vii) In respect of statutory dues:

(a) According to the information and explanation given to us andaccording to the records of the Company as examined by us undisputed statutory duesincluding income tax custom duty excise duty goods and service taxcess and othermaterial statutory dues have been regularly deposited during the year with the appropriateauthorities. No undisputed amounts payable were outstanding as at March 312020 for aperiod of more than six months from the date on which they become payable.

(b) According to the information and explanation given to us and basedon the records of the Company examined by us dues of income tax outstanding as on March31 2020 which have not been deposited on account of any dispute are tabulated below:-

Name of statute nature of Dues Amount (R In Lakhs) period to which it relates Forum where pending
Income Tax Act 1961 TDS 16.50 FY 2007-08 to FY 2018-19 DCIT - CPC TDS
Income Tax 10.26 FY 2013- 2014 Commissioner of Income - Tax (Appeals)
NIL (143.00 Collected by IT Department under Protest) FY 2015-2016 Commissioner of Income - Tax (Appeals)
4.80 FY 2016-2017 Commissioner of Income - Tax (Appeals)

(viii) According to the information and explanations given to us thereare no loans or borrowings payable to financial institutions and government and thecompany has not issued any debentures. Based on the verification of records of thecompany the company has not defaulted in repayment of loans or other borrowings frombanks.

(ix) According to the information and explanations provided to us andas per the records of the company examined by us company has not raised funds by way ofpublic issue/ follow-on offer (including debt instruments) or by way of term loans duringthe year.

(x) To the best of our knowledge and belief and according to theinformation and explanation given to us no fraud by the Company or any fraud on theCompany by its officers/ employees has been noticed or reported during the year.

(xi) Managerial remuneration has been paid / provided in accordancewith the requisite approvals mandated by the provisions of section 197 read with scheduleV to the Companies Act.

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

(xiii) All transactions with the related parties are in compliance withSection 188 and 177 of Companies Act 2013 where applicable and the details of the samehave been disclosed in the Financial Statements in Note 31 as required by the accountingstandards and Companies Act 2013.

(xiv) During the year under review the company has not made anypreferential allotment / private placement of shares or fully or partly convertibledebentures.

(xv) During the year under review the company has not entered into anynon-cash transactions with directors or persons connected with him.

(xvi) The company is a registered AD Category II Dealer and notrequired to be registered under section 45-IA of Reserve Bank of India Act 1934.

For D T S & Associates LLP
Chartered Accountants
Registration No. 142412W/W100595
T. P. Ostwal
(Partner)
M. No. 030848
Place : Mumbai
Date : June 17 2020
UDIN:20030848AAAAAW9076

ANNEXURE B to Independent Auditors' Report on the Standalone FinancialStatements of Wall Street Finance Limited report on the Internal Financial Controls underClause (i) of sub-section 3 of section 143 of the Act referred to in paragraph 2(f) under"report on other Legal and regulatoryrequirement" section of our report of evendate.

We have audited the internal financial controls over financialreporting of Wall Street Finance Limited ("the Company") as of 31stMarch 2020 in conjunction with our audit of the Standalone Financial Statements of theCompany for the year ended on that date.

Management's responsibility for Internal Financial Controls

The Company's management is responsible for establishing andmaintaining internal financial controls based on the internal control over financialreporting criteria established by the Company considering the essential components ofinternal control stated in the Guidance Note on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accountants of India(‘ICAI').

These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of its business including adherence tocompany's policies the safeguarding of its assets the prevention and detection of fraudsand errors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditors' responsibility

Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reportingwith reference to these Standalone FinancialStatements based on our audit. We conducted our audit in accordance with the Guidance Noteon Audit of Internal Financial Controls over Financial Reporting (the "GuidanceNote") and the Standards on Auditing issued by ICAI and deemed to be prescribedunder section 143(10) of the Act to the extent applicable to an audit of internalfinancial controls both applicable to an audit of Internal Financial Controls and bothissued by the Institute of Chartered Accountants of India. Those Standards and theGuidance Note require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether adequate internal financial controlsover financial reporting with reference to these Standalone Financial Statementswasestablished and maintained and if such controls operated effectively in all materialrespects.

Our audit involves performing procedures to obtain audit evidence aboutthe adequacy of the internal financial controls system over financial reporting withreference to these Standalone Financial Statementsand their operating effectiveness. Ouraudit of internal financial controls over financial reporting included obtaining anunderstanding of internal financial controls over financial reporting with reference tothese Standalone Financial Statements assessing the risk that a material weakness existsand testing and evaluating the design and operating effectiveness of internal controlbased on the assessed risk. The procedures selected depend on the auditor's judgmentincluding the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Company's internal financialcontrols system over financial reporting with reference to these Standalone FinancialStatements.

Meaning of Internal Financial Controls over Financial reporting

A company's internal financial control over financial reporting withreference to these Standalone Financial Statements is a process designed to providereasonable assurance regarding the reliability of financial reporting and the preparationof financial statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financial reportingwith reference to these Standalone Financial Statements includes those policies andprocedures that

(1) Pertain to the maintenance of records that in reasonable detailaccurately and fairly reflect the transactions and dispositions of the assets of thecompany;

(2) Provide reasonable assurance that transactions are recorded asnecessary to permit preparation of financial statements in accordance with generallyaccepted accounting principles and that receipts and expenditures of the company arebeing made only in accordance with authorizations of management and directors of thecompany; and

(3) Provide reasonable assurance regarding prevention or timelydetection of unauthorized acquisition use or disposition of the company's assets thatcould have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over FinancialReporting

Because of the inherent limitations of internal financial controls overfinancial reporting with reference to these Standalone Financial Statements including thepossibility of collusion or improper management override of controls materialmisstatements due to error or fraud may occur and not be detected. Also projections ofany evaluation of the internal financial controls over financial reporting with referenceto these Standalone Financial Statementsto future periods are subject to the risk that theinternal financial control over financial reporting with reference to these StandaloneFinancial Statementsmay become inadequate because of changes in conditions or that thedegree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequateinternal financial controls system over financial reporting with reference to theseStandalone Financial Statementsand such internal financial controls over financialreporting with reference to these Standalone Financial Statementswere operatingeffectively as at 31st March 2020 based on the internal control overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia

For D T S & Associates LLP
Chartered Accountants
Registration No. 142412W / W100595
T. p. ostwal
(Partner)
M. No. 030848
Place : Mumbai
Date : June 17 2020
UDIN:20030848AAAAAW9076

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