You are here » Home » Companies » Company Overview » Wealth First Portfolio Managers Ltd

Wealth First Portfolio Managers Ltd.

BSE: 532269 Sector: Financials
NSE: WEALTH ISIN Code: INE658T01017
BSE 05:30 | 01 Jan Wealth First Portfolio Managers Ltd
NSE 05:30 | 01 Jan Wealth First Portfolio Managers Ltd

Wealth First Portfolio Managers Ltd. (WEALTH) - Auditors Report

Company auditors report

To

The members

Report on the (Standalone) Financial Statements

We have audited the accompanying financial statements of WEALTH FIRST PORTFOLIOMANAGERS LIMITED which comprise the Balance Sheet as at 31st March 2018theStatementProfitand Loss andCash Flow Statement for the period then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the (Standalone) Financial Statements

The management and Board of Directors of the Company are responsible for the mattersstated in Section 134(5) of the Companies Act 2013 (‘the act') with respect to thepreparation of these 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 read with Companies (Accounts) Rules 2015.

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; design implementation and maintenance of adequate internal financial controlsthat are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. 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 and the order issued under section143(11) of the Act.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement An audit involves performingprocedures to obtain audit evidence about the amounts and disclosures in the financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto fraud or error. In making those risk assessments the auditor considers internalfinancial control relevant to the Company's preparation of the 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 accountingpolicies used and the reasonableness of the accounting estimates made by the Company'smanagement and Board of Directors as well as evaluating the overall presentation of thestandalone financial statements. We believe that the audit evidence we have obtained issufficient and appropriate to provide a basis for our audit opinion.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner 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 31stMarch 2018 its profit and its cash flows together with the notes thereon for the yearended on that date.

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 section143 ofthe Act we give in the Annexure B a statement on the matters Specified in paragraphs 3and 4 of the Order.

2. As required by section 143(3) of the Act we further report that: a) We have soughtand obtained all the information and explanations which to the best of our knowledge andbelief were necessary for the purpose of our audit; b) In our opinion proper books ofaccount as required by law have been kept by the Company so far as appears from ourexamination of those books; c) The Balance Sheet Statement of Profit and Loss and CashFlow Statement dealt with by this Report are in agreement with the books of account; d) Inour opinion the aforesaid financial statements comply with the applicable AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014; e) On the basis of written representations received from thedirectors as on March 31 2018 and taken on record by the Board of Directors none of thedirectors is disqualified as on March 31 2018 from being appointed as a director interms of Section 164(2) of the Act; f) With respect to the adequacy of internal financialcontrols over financial reporting of the Company and the operating effectiveness of suchcontrols refer to our separate Report in Annexure A. g) In our opinion and to the best ofour information and according to the explanations given to us we report as under withrespect to other matters to be included in the Auditor's Report in accordance with Rule 11of the Companies (Audit and Auditors) Rules 2014: i) The Company does not have anypending litigations which would impact its financial position ii) The Company did not haveany long-term contracts including derivative contracts; as such the question of commentingon any material foreseeable losses thereon does not arise iii) There has not been anoccasion in case of the Company during the period under report to transfer any sums to theInvestor Education and Protection Fund. The question of delay in transferring such sumsdoes not arise

Place: Ahmedabad FOR RAJPARA & ASSOCIATES
Date: 29/05/2018 CHARTERED ACCOUNTANTS
Firm Reg. No: 113428W
C J RAJPARA
(PARTNER)
M.No.46922

ANNEXURE A TO INDEPENDENT AUDITOR'S REPORT

As referred to in our Independent Auditors' Report to the members of the WEALTHFIRST PORTFOLIO MANAGERS LIMITED (‘the Company') on the standalone financialstatements for the year ended 31st March 2018.

Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the act")

We have audited the internal financial controls over financial reporting of the companyas at March 31 2018 in conjunction with our audit of the 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 and maintaining internalfinancial control based on "the internal control over 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 (ICAI)". These responsibilities include the design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the orderly and efficient conduct of business including adherence to Company'spolicies the safeguarding of its assets the prevention and detection of frauds anderrors the accuracy and completeness of the accounting records and the timelypreparation of reliable financial information as required under the Act.

Auditor's 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 Control over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error. Webelieve that the audit evidence we have obtained is sufficientand appropriate to provide abasis for our audit opinion on the Company's internal financial controls system overfinancial reporting. reporting criteria established by the Company

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 statements for external purposes in accordance with generally acceptedaccounting principles. A company's internal financial control over financialreportingincludes those policies and procedures that: (1) Pertain to the maintenance of recordsthat 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 ofmanagement 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 controlsover 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"the internal financial controls over financial reporting criteria established by theCompany considering the essential components of internal control stated in the GuidanceNote on Audit of Internal Financial Controls Over Financial Reporting issued by theInstitute of Chartered Accountants of India."

Place: Ahmedabad FOR RAJPARA & ASSOCIATES
Date: 29/05/2018 CHARTERED ACCOUNTANTS
Firm Reg. No: 113428W
C J RAJPARA
(PARTNER)
M.No.46922

ANNEXURE B TO INDEPENDENT AUDITOR'S REPORT

Referred to in paragraph 1 under "Report on other legal and RegulatoryRequirements" section of our Auditors Report of even date to the members on theaccounts of the company for the year ended 31st March 2018.

On the basis of such checks as we considered appropriate and according to theinformation and explanations given to us during the course of our audit we report that:

1. (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets; (b) As explained to us fixed assetshave been physically verified by the management at regular intervals. As informed to us nomaterial discrepancies were noticed on such verification;

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

2. Verification intervals by the management and there were no material discrepanciesnoticed.

3. The company has not granted any secured or unsecured loan to a company Firm LLP orother parties covered in register maintained under section 189 of the Companies Act 2013.

4. In respect of loans investments and guarantees provisions of Section 185 and 186of the Companies Act 2013 have been complied with.

5. The Company has not accepted any deposits from the public covered under Section 73to 76 of the Companies Act 2013

6. As informed to us the Central Government has not prescribed maintenance of costrecords under sub-section (1) of Section 148 of the Act

7. (a) According to the information and explanations given to us and based on therecords of the company examined by us the company is regular in depositing the undisputedstatutory dues including Provident Fund Employees' State Insurance Income-taxSales-tax Wealth Tax Service Tax Custom Duty Excise Duty and other material statutorydues as applicable with the appropriate authorities in India; (b) According to theinformation and explanations given to us and based on the records of the company examinedby us there are no dues of Income Tax Wealth Tax Service Tax Sales Tax Customs Dutyand Excise Duty which have not been deposited on account of any disputes.

8. According to the records of the company examined by us and as per the informationand explanations given to us the company has not defaulted in repayment of any dues takenfrom a financial institution or bank. There are no debenture holders in the company asthe company has not issued any debentures since its incorporation.

9. The Company had not raised the money by way of public issue or Term loan during theyear under consideration.

10. During the course of our examination of the books and records of the companycarried in accordance with the auditing standards generally accepted in India we haveneither come across any instance of fraud on or by the Company noticed or reported duringthe course of our audit nor have we been informed of any such instance by the Management.

11. In our opinion and according to the information and explanations given to us themanagerial remuneration has been paid in accordance with the requisite approvals mandatedby the oftheinventoryhasbeenconductedatreasonable provisions of section 197 readwith schedule V to the Companies Act.

12. The company is not a Nidhi Company.

13. According to the records of the company examined by us and as per the informationand explanations given to us all the transactions with the related parties are incompliance with Section 188 and 177 of Companies Act 2013 and the details have beendisclosed in the Financial Statements as required by the accounting standards andCompanies Act 2013.

14. The company has not made any preferential allotment or private placement of sharesor fully or partly convertible debentures during the period under review.

15. The company has not entered into any non-cash transactions with directors orpersons connected with him thus the provision of Section 192 will not be applicable.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

Place: Ahmedabad FOR RAJPARA & ASSOCIATES
Date: 29/05/2018 CHARTERED ACCOUNTANTS
Firm Reg. No: 113428W
C J RAJPARA
(PARTNER)
M.No.46922