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Wall Street Finance Ltd.

BSE: 511147 Sector: Financials
NSE: N.A. ISIN Code: INE549D01012
BSE 00:00 | 22 Sep 14.30 0.10
(0.70%)
OPEN

13.50

HIGH

14.65

LOW

13.50

NSE 05:30 | 01 Jan Wall Street Finance Ltd
OPEN 13.50
PREVIOUS CLOSE 14.20
VOLUME 2958
52-Week high 26.80
52-Week low 11.90
P/E
Mkt Cap.(Rs cr) 17
Buy Price 14.00
Buy Qty 39.00
Sell Price 14.55
Sell Qty 59.00
OPEN 13.50
CLOSE 14.20
VOLUME 2958
52-Week high 26.80
52-Week low 11.90
P/E
Mkt Cap.(Rs cr) 17
Buy Price 14.00
Buy Qty 39.00
Sell Price 14.55
Sell Qty 59.00

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 the accompanying Standalone Ind AS financial statements of Wall StreetFinance Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2019 the Statement of Profit and Loss (including Other Comprehensive Income) theStatement of Changes in Equity and the Statement of Cash Flows for the year then endedand notes to the financial statements including a summary of significant accountingpolicies and other explanatory information (hereinafter referred to as "theStandalone Ind AS financial statements").

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 Companies Act 2013 ("the Act") in the manner so required andgive a true and fair view in conformity with the accounting principles generally acceptedin India of the state of affairs of the Company as at March 31 2019 and profit changesin equity and its cash flows for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India together with the ethicalrequirements that are relevant to our audit of the Standalone Ind AS financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgement were of mostsignificance in our audit of the Standalone Ind AS financial statements of the currentperiod. These matters were addressed in the context of our audit of the Standalone Ind ASfinancial statements as a whole and in forming our opinion thereon and we do not providea separate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

Key Audit Matters principal Audit procedures
1. IT Systems and control over financial reporting Our procedures included 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.
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 general IT controls over access to programs and data and IT operations.
Assessment of the design and evaluation of the operating effectiveness of IT application controls in the key processes impacting financial reporting of the Company.
2. Capitalisation & Amortisation of Internally Generated Intangible Assets Our procedures in relation to capitalization of intangible assets 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.
3. Evaluation of Income tax provisions Our procedures included:
A demand of RS. 143 lakhs has 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 is 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.
Refer Note 11 of the financial statements - Obtaining and evaluating the appeal filed by the Company with the help of tax experts.
We identified the above as a key audit matter based on materiality and the nature of demand. - Evaluating management's position on such demand considering legal precedence and other rulings

Information Other than the Standalone 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 CorporateGovernance and Shareholder's Information but does not include the standalone financialstatements and our auditor's report thereon Our opinion on the standalone financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon. In connection with our audit of the standalone financialstatements our responsibility is to read the other information and in doing so considerwhether the other information is materially inconsistent with the standalone financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated. If based on the work we have performed we conclude thatthere is a material misstatement of this other information we are required to report thatfact. We have nothing to report in this regard.

Responsibility of Management for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these standalone Ind AS financialstatements that give a true and fair view of the financial position financialperformance changes in equity and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant to thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the financial statements management 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.

The 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 Standalone Ind ASfinancial statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these financial statements.

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

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch controls.

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

• Conclude on the appropriateness of management's use of the going concern basisof accounting 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 financialstatements including the disclosures and whether the financial statements represent theunderlying transactions 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 also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the financial statements of thecurrent period and are therefore the key audit matters. We describe these matters in ourauditor's report unless law or regulation precludes public disclosure about the matter orwhen in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

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 ofthe Companies Act 2013 we give in the "Annexure A" of this report a statementon the matters specified in paragraphs 3 and 4 of the Order to the extent applicable.

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 of the aforesaidInd AS financial statement.

(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 the Statement of Changes inEquity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account.

(d) In our opinion the aforesaid Standalone Ind AS financial statements comply withthe Accounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 from being appointed as a director in termsof 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".

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

(h) 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 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich 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.

For D T S & Associates
Chartered Accountants
Registration No. 142412W
T. P. Ostwal
(Partner)
M. No. 030848
Place : Mumbai
Date : May 28 2019

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

(Referred to in paragraph 1 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) There are no immovable properties that are held by the company.

(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 goods and service tax cess and other material statutory dueshave been regularly deposited during the year with the appropriate authorities. Noundisputed amounts payable were outstanding as at March 312019 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 outstanding as on March 31 2019 whichhave 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 14.55 AY 2008-09 to AY 2017-18 DCIT - CPC TDS
Income Tax 38.62 FY 2014- 2015 Commissioner of Income - Tax (Appeals)
Income Tax NIL (143.00 Collected by IT Department under Protest) FY 2015-2016 Commissioner of Income - Tax (Appeals)

(viii) According to the information and explanations given to us there are no loans orborrowings payable to financial institutions and government and the company has not issuedany debentures. Based on the verification of records of the company the company has notdefaulted in repayment of loans or other borrowings from banks.

(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) or by way of term loans during theyear.

(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
T. P. Ostwal
(Partner)
M. No. 030848
Place : Mumbai
Date : May 28 2019

ANNEXURE B to Independent Auditors' Report on the Standalone Ind AS Financial Statementof Wall Street Finance Limited report on the Internal Financial Controls under Clause (i)of sub-section 3 of section 143 of the Act referred to in paragraph 2(f) under"Report on Other Legal and Regulatory requirement" section of our report of evendate.

We have audited the internal financial controls over financial reporting of Wall StreetFinance Limited ("the Company") as of 31st March 2019 in conjunctionwith our audit of the Standalone Ind AS financial statements of the Company for the yearended 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').

These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to company's policies thesafeguarding 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 Act.

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 Act to the extent applicable to an audit ofinternal financial controls both applicable to an audit of Internal Financial Controlsand both issued by the Institute of Chartered Accountants of India. Those Standards andthe Guidance Note require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated 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 of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and

(3) Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 2019 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 D T S & Associates
Chartered Accountants
Registration No. 142412W
T. P. Ostwal
(Partner)
M. No. 030848
Place : Mumbai
Date : May 28 2019

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