You are here » Home » Companies » Company Overview » Wellesley Corporation Ltd

Wellesley Corporation Ltd.

BSE: 532016 Sector: Infrastructure
NSE: N.A. ISIN Code: INE176O01011
BSE 00:00 | 11 Aug 7.00 0
(0.00%)
OPEN

7.00

HIGH

7.00

LOW

7.00

NSE 05:30 | 01 Jan Wellesley Corporation Ltd
OPEN 7.00
PREVIOUS CLOSE 7.00
VOLUME 1
52-Week high 7.00
52-Week low 7.00
P/E
Mkt Cap.(Rs cr) 9
Buy Price 6.65
Buy Qty 1.00
Sell Price 7.00
Sell Qty 52.00
OPEN 7.00
CLOSE 7.00
VOLUME 1
52-Week high 7.00
52-Week low 7.00
P/E
Mkt Cap.(Rs cr) 9
Buy Price 6.65
Buy Qty 1.00
Sell Price 7.00
Sell Qty 52.00

Wellesley Corporation Ltd. (WELLESLEYCORP) - Auditors Report

Company auditors report

To the Members of Wellesley Corporation Ltd

Report on the Audit of the Standalone Financial Statement

Opinion

We have audited the standalone financial statements of Wellesley Corporation Limited (the Company) which comprise the balance sheet as at 31st March 2019 and the statement of Profit and Loss statement of changes in equity and statement of cash flows for the year then ended and notes to the financial statements including a summary of significant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanations given to us the aforesaid standalone financial statements give the information required by the Act in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India of the state of affairs of the Company as at March 31 2019 and profit changes in 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) specified under section 143(10) of the Companies Act 2013. Our responsibilities under those Standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act 2013 and the Rules thereunder and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is 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 most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and in forming our opinion thereon and we do not provide a separate opinion on these matters

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in section 134(5) of the Companies Act 2013 (the Act) with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position financial performance (changes in equity)5 and cash flows of the Company in accordance with6 the accounting principles generally accepted in India including the accounting Standards specified under section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records relevant to the preparation and presentation of the financial statement that give a true and fair view and are free from material misstatement whether due to fraud or error. In preparing the financial statements management is responsible for assessing the Company's ability to continue as a going concern disclosing as applicable matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so. Those Board of Directors are also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 (the Order) as amended issued by the Central Government of India in terms of sub-section (11) of section 143 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 best of our knowledge and belief were necessary for the purpose of our audit;

b) in our opinion proper books of account as required by law have been kept by the Company 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 Statement and the statement of changes in equity dealt with by this Report are in agreement with the books of account

d) In our opinion the aforesaid Standalone Financial Statements comply with the Accounting Standards prescribed 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 the directors as on March 31 2019 taken on record by the disqualified Board of Directors none of the directors as on March 31 2019 from being appointed as a director in terms of Section 164 (2) of the Act.

f) With respect to the adequacy of the internal financial controls over financial reporting of the Company and the operating effectiveness of such controls refer to our separate Report in Annexure B.

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

a. The Company has disclosed the impact of pending litigations on its financial position in its financial statements(Refer Note no:28 of the Financial Statements)

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

c. There were no amounts which were required to be transferred to the Investor Education and Protection Fund by the Company.

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

For M.K Jain & Co.
Chartered Accountants
Sakshi Arora
Date : 29th May 2019 Partner
Place : New Delhi M No.F528300

Annexure A

to the Independent Auditors' Report

Referred to in paragraph 1 of Report on other Legal and Regulatory Requirementsof the Independent Auditors Report of even date to the members of Wellesley Corporation Ltd on the financial statements as of and for the year ended March 31 2019:

i. (a) The Company does not have any Fixed Assets such as Properties Plants and Equipment's during the year. Accordingly the provisions of clause 3(i) of the Order are not applicable to the Company

ii. The company does not have any inventory. Accordingly the provisions of clause 3(ii) are not applicable to the Company.

iii. The Company has not granted any loans secured or unsecured to companies firms Limited Liability partnerships or other parties covered in the Register maintained under section 189 of the Act. Accordingly the provisions of clause 3 (iii) of the Order are not applicable to the Company.

ii. The company does not have any inventory and hence clauses of inventories are not applicable.

iv. In our opinion and according to the information and explanations given to us the company has not granted any loans investments guarantees and securities in respect of which provision of section 185 and I86 of the Companies Act 2013 are applicable and hence not commented upon.

v. The Company has not accepted any deposits from the public and hence the directives issued by the Reserve Bank of India and the provisions of Sections 737475& 76 of the Act and the Companies (Acceptance of Deposit) Rules 2015 with regard to the deposits accepted from the public are not applicable.

vi. The company is not required to maintain cost records as specified by the Central Government under sub-section (1) of section 148 of the Companies Act 2013.

vii. a) According to information and explanations given to us and the records of the Company examined by us in our opinion company is generally regular in depositing undisputed statutory dues in respect of Provident Fund Employee's State Insurance Service Tax cess and Income Tax and any other Statutory dues as applicable with the appropriate authorities. No such statutory dues were outstanding at the year end for a period of more than six months from the date they become payable.

(b) According to the information and explanation given to us there are no dues of income tax sales tax service tax duty of customs duty of excise value added tax outstanding on account of any dispute.

viii. In our opinion and according to the information and explanations given by the management the Company did not have any loans or borrowings from Financial Institutions Banks debentures during the year accordingly provisions of clause 3 (viii) of the order are not applicable to the company.

ix. According to the records of the company examined by us and the information and explanations given to us during the year no money were raised by way of initial public offer or further public offer (including debt instruments)or by way of term loans.

x. According to the audit procedures performed and the information and explanations given to us by management no fraud noticed by the Company or any fraud on the company by its officers or employees during the year.

xi. According to the records of the company examined by us and the information and explanations given to us managerial remuneration paid during the year is in accordance with the provisions of section 197 read with schedule 5to the Companies Act2013.

xii. In our opinion the Company is not a Nidhi Company. Therefore the provisions of clause 3 (xii) of the Order are not applicable to the Company.

xiii. According to the information and explanations given to us by management all transactions with the related parties are in compliance with section 177 and 188 of Companies Act 2013 where applicable and the details have been disclosed in the Financial Statements etc. as required by the applicable accounting standards xiv. According to the information and explanations given to us by management the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year under review. Accordingly the provisions of clause 3 (xiv) of the Order are not applicable to the Company.

xv. According to the audit procedures performed and the information and explanations given to us by management the company has not entered into any non-cash transactions with directors or persons connected with him. Accordingly the provisions of clause 3 (xv) of the Order are not applicable to the Company.

xvi. The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act1934

For M.K Jain & Co.
Chartered Accountants
Sakshi Arora
Date : 29 May 2019 Partner
Place : New Delhi M No.F528300

Annexure B to the Independent Auditor's Report of even date on the Financial Statements of Wellesley Corporation Ltd

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act 2013 (the Act)

i. We have audited the internal financial controls over financial reporting of Wellesley Corporation Ltd (the Company) as of March 31 2019 in conjunction with our audit of the financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

ii. The Company's management is responsible for establishing and maintaining internal financial controls based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India. These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

iii. Our responsibility is to express an opinion on the Company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with 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 be prescribed under section 143(10) of the Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Controls and both issued by the Institute of Chartered Accountants of India. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

iv. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement including the assessment of the risks of material misstatement of the financial statements whether due to fraud or error.

v. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

vi. A company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial control over financial reporting includes those policies and procedures that

(1) pertain to the maintenance of records that in reasonable detail accurately and fairly reflect the transactions and dispositions of the assets of the company;

(2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and

(3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls over Financial Reporting

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

Opinion

viii. In our opinion the Company has in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31 2018 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.

For M.K Jain & Co.
Chartered Accountants
Sakshi Arora
Date : 29th May 2019 Partner
Place : New Delhi M No.F528300