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Weizmann Forex Ltd.

BSE: 533452 Sector: Financials
NSE: WEIZFOREX ISIN Code: INE726L01019
BSE 00:00 | 22 Apr 513.70 2.60
(0.51%)
OPEN

511.00

HIGH

529.95

LOW

505.00

NSE 00:00 | 22 Apr 518.55 1.05
(0.20%)
OPEN

516.00

HIGH

521.90

LOW

513.10

OPEN 511.00
PREVIOUS CLOSE 511.10
VOLUME 593
52-Week high 1158.90
52-Week low 448.00
P/E 23.22
Mkt Cap.(Rs cr) 572
Buy Price 513.55
Buy Qty 38.00
Sell Price 525.75
Sell Qty 109.00
OPEN 511.00
CLOSE 511.10
VOLUME 593
52-Week high 1158.90
52-Week low 448.00
P/E 23.22
Mkt Cap.(Rs cr) 572
Buy Price 513.55
Buy Qty 38.00
Sell Price 525.75
Sell Qty 109.00

Weizmann Forex Ltd. (WEIZFOREX) - Auditors Report

Company auditors report

To the Members of Weizmann Forex Limited

Report on the Standalone Ind AS Financial Statements

We have audited the accompanying Standalone Ind AS Financial Statements of WeizmannForex Limited (the 'Company') which comprise the Balance sheet as at 31" March2018 and the Statement of Profit and Loss (including Other comprehensive income) theStatement of Cash Flows and the Statement of Changes in Equity for the year then endedand a summary of the significant accounting policies and other explanatory information(hereinafter referred to as the'Standalone Ind AS Financial Statements'). Management'sResponsibility for the Standalone Ind AS 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 of thesestandalone Ind AS 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 prescribed under Section 133of the Act.

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 internal financial controls thatwere operating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the standalone Ind AS 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 standalone Ind AS financialstatements based 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 Rules made thereunder.

We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone Ind AS financial statements are freefrom material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgement including the assessment of the risks of materialmisstatement of the standalone Ind AS financial statements whether due to fraud or error.In making those risk assessments the auditor considers internal financial controlrelevant to the Company's preparation of the standalone Ind AS 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 the accountingpolicies used and the reasonableness of the accounting estimates made by the Company'sDirectors as well as evaluating the overall presentation of the standalone Ind ASfinancial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid standalone including Ind AS financial statements give theinformation required by the Act in the manner so required and give a true and fair view inconformity with the accounting principles generally accepted in India including the IndAS of the state of affairs (financial position) of the Company as at 31st March 2018and its profit (financial performance including other comprehensive income) and its cashflows and changes in equity for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31st March2017 and the transition date opening Balance sheet as at 1st April 2016 included in thesestandalone Ind AS financial statements are based on the previously issued standalonefinancial statements prepared in accordance with the Companies (Accounting Standards)Rules 2006 audited by other firm within our Group Network vide their report for the yearended 31" March 2017 and 31" March 2016 dated 24" May 2017 and 25"May 2016 respectively have expressed an unmodified opinion on those standalone financialstatements as adjusted for the differences in the accounting principles adopted by theCompany on transition to the Ind AS which have been audited by us.

Our opinion is not modified in respect of this matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (the 'Order') issued bythe Central Government in terms of Section 143(11) of the Act we give in the Annexure'A' a Statement on the matters specified in paragraphs 3 and 4 of the Order.

2. 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 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 those books;

(c) the Balance sheet the Statement of Profit and Loss the Statement of Cash Flowsand the Statement of Changes in Equity 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 Indian Accounting Standards prescribed under Section 133 of theAct;

(e) on the basis of the written representations received from the directors as on31" March 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 ofSection 164(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 Rule11 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 Ind AS financial statements - (Refer Note 2.35 to the Ind ASfinancial statements);

(ii) the Company did not have any long-term contracts including derivative contractsfor which there were any material foreseeable losses; and

(iii) there is no delay in transferring amounts required to be transferred toInvestor Education and Protection Fund by the Company is not applicable.

SHARP & TANNAN LLP
Chartered Accountants
Firm's Registration NO.127145W/W100218
by the hand of
Tirtharaj Khot
Partner
Mumbai 29th May 2018 Membership No:037457

ANNEXURE 'A' TO THE INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph 1 of our report of even date)

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

(b) As explained to us these fixed assets have been physically verified by themanagement in accordance with a phased programme of verification which in our opinion isreasonable considering the size of the Company and nature of its assets. The frequency ofphysical verification is reasonable and no material discrepancies were noticed on suchverification.

(c) According to the information and explanations given to us the title deeds ofimmovable properties are held in the name of the Company.

(ii) (a) As explained to us the inventories of foreign currency notes have beenphysically verified by the management at reasonable intervals during the year. In ouropinion the frequency of such verification is reasonable

(b) As per the information given to us the procedures of physical verification ofinventory followed by the management are in our opinion reasonable and adequate inrelation to the size of the Company and the nature of its business.

(c) The Company is maintaining proper records of inventory. The discrepancies noticedon verification between the physical stocks and the book records which were not materialhave been properly dealt with in the books of account.

(iii) According to the information and explanations give to us the Company has grantedunsecured loans with the year-end balance of X 437.59 lakh to the companies coveredin the register maintained under Section 189 of theAct;

(a) the terms and conditions of the loans are not prejudicial to the interest of theCompany;

(b) the receipt of principal amount and interest are regular; and

(c) there are no overdue amounts in respect of principal amount and interest.

(iv) As per information and explanations given to us the Company has not given loansmade investments or given guarantees to persons covered under Section 185 of the Act. Inrespect of loans investments guarantee and security to parties the Company has compliedwith the provisions of Section 186 of the Act.

(v) According to the information and explanations given to us and the records examinedby us the Company has not accepted any deposits from the public during the year to whichthe directives issued by the Reserve Bank of India and the provisions of Sections 73 to 76and other relevant provisions of the Act and the rules framed thereunder apply.Accordingly the Paragraph 3(v) of the Order is not applicable to the Company.

(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(1) of the Act in respect of wind power business of the Company and are of theopinion that prima facie the prescribed accounts and records have been made andmaintained. We have however not made a detailed examination of the cost records with aview to determine whether these are accurate or complete.

(vii) (a) According to the information and explanations given to us the Company isregular in depositing undisputed statutory dues including provident fund employees' stateinsurance income tax service tax cess and any other statutory dues where applicableto the appropriate authorities. According to the information and explanations given to usthere are no arrears of outstanding statutory dues as at the last day of the financialyear for a period of more than six months from the date they became payable.

(b) According to the information and explanations given to us and the records of theCompany examined by us there are no dues as at 31st March 2018 which has not beendeposited on account of a dispute pending.

(viii) According to the information and explanations given to us the Company has notdefaulted in repayment of loans or borrowings to financial institutions and banks. TheCompany has not issued any debentures. The Company has not borrowed any funds from theGovernment. Accordingly the Paragraph 3(viii) of the Order is not applicable to theCompany.

(ix) According to the information and explanations given to us the Company has notraised monies by way of initial public offer or further public offer (including debtinstruments). Accordingly the Paragraph 3 (ix) of the Order is not applicable to theCompany.

(x) During the course of our examination of the books and records of the Companycarried out in accordance with generally accepted auditing practices in India andaccording to the information and explanations given to us we have neither come across anyfraud by the Company or any fraud on the Company by its officers or employees noticed orreported during the year nor have we been informed of such case by management.

(xi) According to the information and explanations given to us the managerialremuneration has been paid / provided in accordance with the requisite approvals mandatedby the provisions of Section 197 read with Schedule V to the Act.

(xii) According to the information and explanations given to us the Company is not aNidhi company. Accordingly the Paragraph 3 (xii) of the Order is not applicable to theCompany.

(xiii) According to the information and explanations given to us all the transactionswith the related parties are in compliance with Sections 177 and 188 of the Act and therelevant details have been disclosed in the Financial Statements etc. as required by theapplicable Indian accounting standards.

(xiv) According to the information and explanations given to us the Company had notmade any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year. Accordingly the Paragraph 3 (xiv) of the Order isnot applicable to the Company.

(xv) According to the information and explanations given to us the Company had notentered into any non-cash transactions with directors or persons connected with him duringthe year. Accordingly compliance with the provisions of Section 192 of the Act is notapplicable to the Company.

(xvi) According to the information and explanations given to us the Company is notrequired to be registered under Section 45-IAof the Reserve Bank of India Act 1934.

SHARP & TANNAN LLP
Chartered Accountants
Firm's Registration No.127145W/W100218
by the hand of
Tirtharaj Khot
Partner
Mumbai 29th May 2018 Membership No:037457