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Weizmann Ltd.

BSE: 523011 Sector: Industrials
NSE: WEIZMANIND ISIN Code: INE080A01014
BSE 00:00 | 18 Apr 39.45 0.75
(1.94%)
OPEN

38.70

HIGH

39.45

LOW

38.00

NSE 00:00 | 18 Apr 38.35 -0.10
(-0.26%)
OPEN

40.45

HIGH

40.45

LOW

38.00

OPEN 38.70
PREVIOUS CLOSE 38.70
VOLUME 3354
52-Week high 81.65
52-Week low 31.00
P/E 7.43
Mkt Cap.(Rs cr) 68
Buy Price 37.75
Buy Qty 560.00
Sell Price 39.40
Sell Qty 50.00
OPEN 38.70
CLOSE 38.70
VOLUME 3354
52-Week high 81.65
52-Week low 31.00
P/E 7.43
Mkt Cap.(Rs cr) 68
Buy Price 37.75
Buy Qty 560.00
Sell Price 39.40
Sell Qty 50.00

Weizmann Ltd. (WEIZMANIND) - Auditors Report

Company auditors report

To The Members of Weizmann Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of WeizmannLimited('the Company') which comprise the balance sheet as at 31 March 2018 the statement ofprofit and loss (including other comprehensive income) the statement of cash flows andthe statement of changes in equity for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility 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 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with relevant rules issued there under.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made there under.

We conducted our audit 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 Standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the Standalone financial statements. The procedures selected depend onthe auditor's judgment including the assessment of the risks of material misstatement ofthe Standalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the Standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of the accounting policies used and thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the Standalone financial statements.

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

Opinion

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 including the Ind AS of the state ofaffairs of the Company as at 31 March 2018 and its profit including other comprehensiveincome its cash flows and the changes in equity for the year ended on that date.

Other matters

The comparative financial information of the Company for the transition date as at 1April 2016 and year ended March 31 2017 included in these standalone Ind AS financialstatements are based on the statutory financial statements prepared in accordance with theCompanies (Accounting Standards) Rules 2006 audited by the predecessor auditor whosereport for the year ended March 31 2016 and March 31 2017 dated May 25 2016 and datedMay 24 2017 respectively expressed an unmodified opinion on those standalone financialstatements and have been restated to comply with Ind AS. Adjustments made to thepreviously issued said financial information prepared in accordance with the Companies(Accounting Standards) Rules 2006 to comply with Ind AS have been audited by us.

Our opinion is not modified in respect of the above matter.

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 ofIndia in terms of section 43(11) of the Act we give inthe Annexure A a statement on the matters specified in the paragraph 3 and 4 of theorder.

2 As required by Section 143(3) of the Act we reportthat:

(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 ouraudit.

(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 thosebooks;

(c) The balance sheet the statement of profit and loss including other comprehensiveincome the statement of cash flows and the statement of changes in equity dealt with bythis Report are in agreement with the books ofaccount;

(d) in our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards specified under Section 133 of the Act read with relevant ruleissued thereunder;

(e) on the basis of the written representations received from the directors as on 31March 2018 taken on record by the Board of Directors none of the directors isdisqualified as on 31 March 2018 from being appointed as a director in terms of Section164 (2) of theAct;

(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";and

(g) With respect to the other matters to be included in the Auditor's Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its standalone financial statements; (refer note 34)

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 delayin transferring amounts required to be transferred to theInvestor Education and Protection Fund by the Company.

For BATLIBOI & PUROHIT

Chartered Accountants

Firm Reg. No.: 101048W

Atul Mehta

Partner

Membership No: 15935

Place: Mumbai

Date: 29 May 2018

Annexure - A to the Auditors' Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the standalone financial statements for the year ended 31 March 2018 we report that:

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) The fixed assets have been physically verified by the management during theprevious year under a program of verification of fixed assets once in every 3 years whichin our opinion is reasonable having regard to the size of the company andnature of itsassets. No material discrepancies were identified on suchverification.

(c) According to the information and explanations given to us and on the basis of ourexamination of the records of the Company the title deeds of immovable properties areheld in the name of the Company.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year frequency of which in our opinion is reasonable.Discrepancies noted on physical verification of inventories were not material and havebeen properly dealt with in the books of account.

(iii) The Company has not granted any loans secured or unsecured to CompaniesFirmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act. Accordingly paragraph 3(iii)(a) (b) and (c) of theOrder are not applicable to the Company.

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

(v) According to information and explanations given to us the Company has not acceptedany deposits from the public in accordance with the provisions of section 73 to 76 or anyrelevant provisions of the Act and rules framed thereunder.

(vi) We have broadly reviewed the books of account maintained by the company pursuantto the Rules made by the Central Government for the maintenance of cost records undersection 148 of the Act and are of the opinion that prima-facie the prescribed accountsand records have been made and maintained.

(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxemployees' state insurance duty of excise sales tax value added tax duty of customsservice tax Goods and service tax cess and other material statutory dues have beenregularly deposited during the year by the Company with the appropriate authorities.

According to the information and explanations given to us no undisputed amountspayable in respect of provident fund income tax sales tax value added tax duty ofcustoms service tax Goods and service tax cess and other material statutory dues werein arrears as at 31 March 2018 for a period of more than six months from the date theybecame payable.

(b) According to the information and explanations given to us outstanding dues ofsales tax and Income Tax that have not been deposited by the Company on account ofdisputesare given below:

Name of the Statute Nature of Dues Amount (Rs. lakhs) Period to which the amount relates Forum where dispute is pending
Central Excise Act 1944 Excise Duty 191.34 1989-90 Gujarat High Court
Income Tax Act 1961 Income Tax 169.50 A.Y. 2009-10 Commissioner of Income Tax (appeals)

(viii) Based on our audit procedures and as per information and explanation given tous the Company has not defaulted in repayment of loans to banks. The Company did not haveany outstanding dues in respect of loans or borrowings from any financial institutiongovernment or debenture holders during the year.

(ix) The Company did not raise any money by way of initial public offer or furtherpublic offer (including debt instruments) and term loans during the year. Accordinglyparagraph 3 (ix) of the Order is not applicable.

(x) According to the information and explanations given to us no fraud by the Companyor on the Company by its officers or employees has been noticed or reported during thecourse of our audit.

(xi) The company has paid / provided for managerial remuneration in accordance withrequisite approvals mandated by the provisions of Section 197 read with Schedule V to theAct.

(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 explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with sections 177 and 188 of the Act where applicable and details of suchtransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

(xiv) According to the information and explanations give 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.

(xv) According to the information and explanations 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. Accordingly paragraph 3(xv) ofthe Order is not applicable.

(xvi)The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For BATLIBOI & PUROHIT

Chartered Accountants

Firm Reg. No.: 101048W

Atul Mehta

Partner

Membership No: 15935

Place: Mumbai

Date: 29 May 2018

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 WeizmannLimited ("the Company") as of 31 March 2018 in conjunction with our audit ofthe standalone 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 company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note 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 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 materialrespects.

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 Standalone financial statements whether due to fraudorerror.

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 31 March 2018 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For BATLIBOI & PUROHIT

Chartered Accountants

Firm Reg. No.: 101048W

Atul Mehta

Partner

Membership No: 15935

Place: Mumbai

Date: 29 May 2018