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Wallfort Financial Services Ltd.

BSE: 532053 Sector: Financials
NSE: N.A. ISIN Code: INE121B01014
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NSE 05:30 | 01 Jan Wallfort Financial Services Ltd
OPEN 20.50
PREVIOUS CLOSE 20.50
VOLUME 101
52-Week high 31.30
52-Week low 13.25
P/E
Mkt Cap.(Rs cr) 20
Buy Price 20.50
Buy Qty 99.00
Sell Price 21.95
Sell Qty 100.00
OPEN 20.50
CLOSE 20.50
VOLUME 101
52-Week high 31.30
52-Week low 13.25
P/E
Mkt Cap.(Rs cr) 20
Buy Price 20.50
Buy Qty 99.00
Sell Price 21.95
Sell Qty 100.00

Wallfort Financial Services Ltd. (WALLFORTFIN) - Auditors Report

Company auditors report

TO THE MEMBERS OF M/s WALLFORT FINANCIAL SERVICES LTD.

Report on the Standalone Financial Statements Opinion .

We have audited the Standalone financial statements of M/s Wallfort Financial ServicesLtd. ("the Company") which comprise the Balance Sheet as at March 312019 theStatement of Profit & Loss and statement of cash flows for the year then ended andnotes to the financial statements including a summary of significant accounting policiesand other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 312019 loss and its cash flows for the year ended on that date.

BasisforOpinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities underthoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with theserequirements and the Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

Information other than financial statements and Auditors Report thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises of the information included in the ManagementDiscussion and Analysis Board's Report including Annexure 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 or conclusion thereon. In connection with our audit of the standard financialstatements cur responsibility is to read the other information and in doing so.consider whether the other information is materiality inconsistent with the standalonefinancial statements or our knowledge obtained during the course of our audit or otherwiseappears to be materiality misstated. If based on the work we have performed we concludethat there is a material misstatement of this other information we are required to reportthat fact. We have nothing to report in this regard.

Responsibility of Management for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section134(5) of the Companies Act 2013'C‘the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance 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 of.adequate 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; makingjudgments 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 matters'elated to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the company's financialreporting process. Auditor's Responsibility forthe Audit of the Financial Statements

Ou1 objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand lo issue an auditor's report that includes our opinion. Reasonable assurance is a highlevel cf assurance but is not a guarantee that an audit conducted in accordance with SAswill always detect a material misstatement when it exists. Misstatements can arise fromfraud or error and are considered material if. individually or in the aggregate theycould reasonably be expected to influence the economic decisions of users taken on thebasis of these financial statements.

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

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

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the companies Act 2013 we are also responsible for expressing our opinion on whetherthe company has adequate internal financial control in place and the operatingeffectiveness of such 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 uncertainty exists related toevents or conditions that may cast significant doubt on the Company's ability to continueas a going concern. If we conclude that a material uncertainty exists we are required todraw attention in our auditor's report to the related disclosures in the financialstatements or if'such disclosures are inadequate to modify our opinion. Our conclusionsare based on the audit evidence obtained up to the date of our auditor's report. Howeverfuture events or conditions may cause the Company to cease to continue as a 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" a statement on the mattersspecified 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 beliefwere 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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d. In our opinion the aforesaid standalone financial statements comply with theAccounting 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 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 B".

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 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 as on 31st March 2019.

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For S. Rakhecha & Company
Chartered Accountants
FRN No.108490W
CA. Suresh B. Rakhecha
Proprietor
M. No. 038560
Place: Mumbai Date: 27/05/2019

ANNEXURE A TO THE AUDITOR'S REPORT

[Referred to in paragraph 1 under 'Report on other Legal and Regulatory Requirements'in the

Independent Auditor's Report of even date to the members of Wallfort Financial ServicesLtd. ("the

Company") on the financial statements for the period ended March 312019.]

i. The company is maintaining proper records showing full particulars includingquantitative details and situation of fixed assets. The fixed assets have been physicallyverified by the management at reasonable intervals. No material discrepancies were noticedon such verification. The company doe.s not hold any immovable properties.

ii. The management has physically verified stocks of shares and debentures:. In ouropinion the: frequency of verification is reasonable. No material discrepancies werenoticed on such verification.

iii. According to the information and explanation given to us the company has notadvanced Unsecured Loans to the Companies or other parties maintained under Section 189of the Companies Act 2013.

iv. The provisions of section 185 and 136 of the Companies Act 2013 have been compliedwith by the company during the year under review.

v. The Company has not accepted any deposits from the public during the period underreview. Accordingly paragraph 3(v) of the order is not applicable.

vi. To the best of our knowledge and as explained to us the Central Government has notprescribed the maintenance of cost records under section 148 (1) of the Companies Act 2013for the products of the company. Accordingly paragraph 3(vi) of the order isnotappticable.

vii. The Company is generally regular in depositing with appropriate authoritiesundisputed statutory dues including income tax service tax provident fund investoreducation and protection fund employee's state insurance cess and other materialstatutory dues applicable to it.

According to the information and explanations given to us no undisputed amountspayable in respect of income tax provident fund investor education and protection fundemployees state insurance cess and other undisputed statutory dues weic- outstanding atthe period end for a period of more than six months from the date they became payable.

According to the information and explanation given to us there are no dues of incomelax service tax provident fund investor education and protection fund employees stateinsurance and cess that have not been deposited on account of any dispute.

The provisions relating to sales tax wealth tax custom duty excise duty arecurrently not applicable to the company.

viii The company does not have any loans or borrowings from any financial institutiongovernment or debenture holders during the year. The company has availed bank overdraftfacility from banks. It has not defaulted on the same.

ix. The company did not raise any money by way of Initial Public Offer or furtherpublic offer and term loans during the year under review. Accordingly paragraph 3(ix) ofthe order is not applicable.

x. Based on the Audit procedures performed for the purpose of reporting the true andfair view of the financial statements and as per the Information and explanations given tous we report that no fraud on or by the company has been noticed or reported during thecourse of our audit.

xi. According to the information and explanation given 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 of the Act.

xii. In our opinion and according to the information and explanations given to us thecompany is not a Nidhi company. Accordingly paragraph 3(xii) of the order is notapplicable.

xiii. According to the information and explanation given to us and based on ourexamination of the records of the company transactions with related parties are incompliance with Sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year under review.

xv. According to the information and explanation given to us and based on ourexamination of the records of the company the company has not entered into non-cashtransactions with directors or persons connected with him requiring compliance withSection 192 of the Companies Act 2013.

xvi The company is not required to be registered as an NBFC under Section 45-IAof theRBI Act 1934

For S. Rakhecha & Company
Chartered Accountants
FRN NO.108490W
CA. Suresh B. Rakhecha
Proprietor
M. No. 038560
Place: Mumbai
Date: 27/5/2019

ANNEXURE B TO THE AUDITORS 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 WallfortFinancial Services Ltd. ('the Company') as of 31 March 2019 in conjunction with our auditof the 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'). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to the Company's policies the safeguarding of its assetsthe prevention and detection of frauds and errors the accuracy and completeness of theaccounting records and timely preparation of reliable financial information as requiredunder 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 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 and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols 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 auditors 'judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial control over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorizations of theManagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of theCompany's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate. ‘

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 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 S. Rakhecha & Company
Chartered Accountants
FRN NO.108490W
CA. Suresh B. Rakhecha
Proprietor
M. No.038560
Place: Mumbai
Date: 27/5/2019

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