To the Members of Welspun Investments andCommercials Limited Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statementsof Welspun Investments and Commercials Limited (the Company) which comprisethe Balance Sheet as at 31 March 2018 the Statement of Profit and Loss (including OtherComprehensive Income) the Cash Flow Statement and the Statement of Changes in Equity forthe year ended 31 March 2018 and a summary of significant accounting policies and otherexplanatory information (herein after referred to as Ind AS FinancialStatements).
Management's Responsibility for the Standalone IndAS Financial Statements
The Company's Board of Directors is responsible for the matters statedin Section 134(5) of the Companies Act 2013 (the Act) with respect to thepreparation of these Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the accounting principlesgenerally accepted in India including the Indian Accounting Standards (Ind AS) prescribedunder Section 133 of the Act read with relevant rules issued thereunder. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the Ind AS financial statementsthat give a true and fair view and are free from material misstatement whether due tofraud or error.
Our responsibility is to express an opinion on these standalone Ind ASfinancial statements based on our audit. We have taken into account the provisions of theAct the accounting and auditing standards and matters which are required to be includedin the audit report under the provisions of the Act and Rules framed thereunder.
We conducted our audit of standalone Ind AS financial statements inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan and perform theaudit to obtain reasonable assurance about whether the standalone Ind AS financialstatements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence aboutthe amounts and the disclosures in the standalone Ind AS financial statements. Theprocedures selected depend on the auditor's judgment including the assessment of therisks of material misstatement of the 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 financial statements that give a true andfair view in order to design audit procedures that are appropriate in the circumstances.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements.
We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the standalone Ind AS financialstatements.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone 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 of the Company as at 31 March 2018 and its profit (includingother comprehensive income) its cash flows and the changes in equity for the year endedon that date.
The comparative financial information of the Company for the year ended31st March 2017 and the transition date opening balance sheet as at 1st April 2016included in these standalone Ind AS financial statements are based on the previously
issued statutory financial statements prepared in accordance with theCompanies (Accounting Standards) Rules 2006 as adjusted for the differences in theaccounting principles adopted by the Company on transition to the Ind AS which have beenaudited by us.
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 Section143(11) of the Act we give in the Annexure A a statement on the mattersspecified in paragraphs 3 and 4 of the Order to the extent applicable.
2. As required by Section 143(3) of the Act we report that:
a) We have sought and obtained all the information and explanationswhich 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 beenkept by the Company so far it appears from our examination of those books.
c) The balance sheet the statement of profit and loss (including othercomprehensive income) the cash flow statement and the statement of changes in equitydealt with by this Report are in agreement with the books of account.
d) In our opinion the aforesaid standalone Ind AS financial statementscomply with the Accounting Standards specified under Section 133 of the Act read withrelevant rules issued thereunder.
e) On the basis of written representations received from the directorsas on 31 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 of Section164(2) of the Act.
f) With respect to the adequacy of the internal financial controls overfinancial reporting of the Company and the operating effectiveness of such controls referto our separate Report in Annexure B.
g) With respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 inour opinion and to the best of our information and according to the explanations given tous:
i. The Company has disclosed the impact of pending litigations on itsfinancial position in its standalone Ind AS financial statements (Refer Note 20 to the IndAS financial statements)
ii. The Company did not have any long-term contracts includingderivative contracts as at 31 March 2018 for which there were any material foreseeablelosses.
iii. There were no amounts which were required to be transferred to theInvestor Education and Protection Fund by the Company.
|For PYS & CO LLP |
|Chartered Accountants |
|Firm Registration No.: 012388S/S200048 |
|(Dimple Shah Savla) |
|Membership No. 121502 |
|Place: Mumbai |
|Dated: May 23 2018 |