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Westlife Development Ltd.

BSE: 505533 Sector: Services
NSE: N.A. ISIN Code: INE274F01020
BSE 00:00 | 14 Dec 375.25 0.05
(0.01%)
OPEN

373.00

HIGH

378.95

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363.90

NSE 05:30 | 01 Jan Westlife Development Ltd
OPEN 373.00
PREVIOUS CLOSE 375.20
VOLUME 35197
52-Week high 464.00
52-Week low 286.90
P/E
Mkt Cap.(Rs cr) 5,839
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 373.00
CLOSE 375.20
VOLUME 35197
52-Week high 464.00
52-Week low 286.90
P/E
Mkt Cap.(Rs cr) 5,839
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Westlife Development Ltd. (WESTLIFEDEVELOP) - Auditors Report

Company auditors report

To the Members of

Westlife Development Limited

Report on the Audit of the Standalone Financial Statements

We have audited the accompanying standalone financial statements of WestlifeDevelopment Limited ("the Company") which comprise the Balance Sheet as at 31March 2018 the Statement of Profit and Loss and the Cash Flow statement for the year thenended and summary of the significant accounting policies and other explanatoryinformation.

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 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 Rule 7 of the Companies (Accounts)Rules 2014 (‘the Rules’).

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding of the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating efiectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe standalone financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

In preparing the financial statements management is responsible for assessing theCompany’s ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless managementeither intends to liquidate the Company or to cease operations or has no realisticalternative but to do so.

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 thereunder.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the standalone financial statements are free frommaterial 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 materialmisstatement of the standalone financial statements whether due to fraud or error. Inmaking those risk assessments the auditor considers internal financial control relevantto the Company’s preparation of the standalone financial statements that give a trueand 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 theCompany’s Directors as well as evaluating the overall presentation of the standalonefinancial statements.

We are also responsible to conclude on the appropriateness of management’s use ofthe going concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the entity’s ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in the auditor’sreport to the related disclosures in the financial statements or if such disclosures areinadequate to modify the opinion. Our conclusions are based on the audit evidenceobtained up to the date of the auditor’s report. However future events or conditionsmay cause an entity to cease to continue as a going concern.

We believe that the audit evidence we have obtained is suficient 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 of the state of afiairs of the Companyas at 31 March 2018 its loss and its cash flows for the year ended on that date.

Other Matter

The comparative financial information of the Company for the year ended 31 March 2017included in these standalone financial statements has been audited by the predecessorauditor who had audited the financial statements for the year ended 31 March 2017. Thereport of the predecessor auditor on the comparative financial information dated 11 May2017 expressed an unmodified opinion.

Our opinion on the standalone financial statements is not modified in respect of theabove matter.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2016 (‘theOrder’) issued by the Central Government in terms of Section 143(11) of the Act wegive in ‘Annexure A’ a statement on the matters specified in paragraphs 3 and 4of 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 our audit.

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 and the Cash Flow Statementdealt with by this Report are in agreement with the books of account.

d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theRules.

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 the Act.

f) With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating efiectiveness of such controlsrefer to our separate Report in ‘Annexure B’.

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 does not have any pending litigations which would impact its financialposition.

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses.

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

iv. The disclosures in the financial statements regarding holdings as well as dealingsin specified bank notes during the period from 8 November 2016 to 30 December 2016 havenot been made since they do not pertain to the financial year ended 31 March 2018. Howeveramounts as appearing in the audited standalone financial statements for the year ended 31March 2017 have been disclosed.

For B S R & Associates LLP
Chartered Accountants
Firm’s Registration No: 116231W/W-100024
Shabbir Readymadewala
Mumbai Partner
11 May 2018 Membership No: 100060

‘Annexure A’ to the Independent Auditor’s Report - 31 March 2018 on theStandalone Financial Statements

(Referred to in our report of even date)

With reference to Annexure A referred to in the Independent Auditors’ Report tothe Members of Westlife Development Limited (‘the Company’) on the standalonefinancial statements for the year ended 31 March 2018 we report the following:

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

(b) We are informed that the Company physically verifies its assets annually. In ouropinion this periodicity of physical verification is reasonable having regard to the sizeof the Company and the nature of its assets. In accordance with this policy the Companyhas physically verified all fixed assets during the year and no material discrepancieswere identified on such physical verification.

(c) According to the information and explanations given to us the Company does nothold any immovable properties. Accordingly paragraph (i)(c) of the Order is notapplicable to the Company.

(ii) The Company does not hold any physical inventories. Accordingly paragraph (ii) ofthe Order is not applicable to the Company.

(iii) In our opinion and according to the information and explanations given to us theCompany has not granted any loans secured or unsecured to companies firms limitedliability partnership or other parties covered in the register maintained under Section189 of the Act. Accordingly paragraph (iii) of the Order is not applicable to theCompany.

(iv) In our opinion and according to the information and explanations given to us theCompany has not granted any loan or provided any guarantee or security in respect of whichprovisions of Section 185 of the Act are applicable and hence not commented upon. TheCompany has complied with the applicable provisions of Section 186 of the Act.

(v) In our opinion and according to the information and explanations given to us theCompany has not accepted any deposits from the public in accordance with relevantprovisions of Sections 73 to 76 or any other relevant provisions of the Act and the rulesframed there under. Accordingly paragraph (v) of the Order is not applicable to theCompany.

(vi) The Central Government has not prescribed the maintenance of cost records underSection 148(1) of the Act for any of the services rendered by the Company.

(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 income tax service tax goodsand services tax cess and other material statutory dues have been regularly depositedduring the year by the Company with the appropriate authorities. As explained to us theCompany did not have any dues on account of provident fund duty of excise duty ofcustom value added tax and employees’ state insurance.

(a) According to the information and explanations given to us no undisputed amountspayable in respect of income tax service tax goods and services tax cess and othermaterial statutory dues were in arrears as at 31 March 2018 for a period of more than sixmonths from the date they became payable.

(b) According to the information and explanations given to us there are no dues ofincome tax service tax goods and services tax and cess which have not been deposited onaccount of any dispute.

(viii) In our opinion and according to the information and explanations given to usthe Company did not have any dues to banks debentureholders Government or to anyfinancial institutions during the year. Accordingly paragraph (viii) of the Order is notapplicable to the Company.

(ix) During the year the Company has not raised any money by way of initial publicofier or further public ofier (including debt instruments) and term loan. Accordinglyparagraph (ix) of the Order is not applicable to the Company.

(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) According to the information and explanations given to us and based on ourexamination of the records the Company has not paid/ provided remuneration to managerialperson. Accordingly paragraph (xi) of the Order is not applicable to the Company.

(xii) In our opinion and according to the information and explanations given to us theCompany is not a nidhi company. Accordingly paragraph (xii) of the Order is notapplicable to the Company.

(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 Section 188 of the Act where applicable. The details ofsuch related party transactions have been disclosed in the standalone financial statementsas required by the applicable accounting standards.

(xiv) According to the information and explanations given to us and based on ourexamination of the records the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.Accordingly paragraph (xiv) of the Order is not applicable to the Company.

(xv) According to the information and explanations given to us and based on ourexamination of the records the Company has not entered into non-cash transactions withdirectors or persons connected with him. Accordingly paragraph (xv) of the Order is notapplicable to the Company.

(xvi) The Company is not required to be registered under Section 45-IA of the ReserveBank of India Act 1934. Accordingly the provisions of Clause (xvi) of the Order are notapplicable to the Company.

For B S R & Associates LLP
Chartered Accountants
Firm’s Registration No: 116231W/W-100024
Shabbir Readymadewala
Mumbai Partner
11 May 2018 Membership No: 100060

‘Annexure B’ to the Independent Auditor’s Report - 31 March 2018 on theStandalone Financial Statements

(Referred to in our report of even date)

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 with reference to financial statementsof Westlife Development Limited ("the Company") as of 31 March 2018 inconjunction with our audit of the standalone financial statements of the Company for theyear 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 controls with reference to financial statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note on Audit of Internal Financial Controls OverFinancial Reporting ("the Guidance Note") issued by the Institute of CharteredAccountants of India ("ICAI"). These responsibilities include the designimplementation and maintenance of adequate internal financial controls that were operatingefiectively for ensuring the orderly and eficient conduct of its business includingadherence to company’s policies the safeguarding of its assets the prevention anddetection of frauds and errors the accuracy and completeness of the accounting recordsand the timely preparation 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 with reference to financial statements based on our audit. We conducted our auditin accordance with the Guidance Note and the Standards on Auditing issued by ICAI anddeemed to be prescribed under Section 143 (10) of the Act to the extent applicable to anaudit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the ICAI. Those Standards and the Guidance Note require thatwe comply with ethical requirements and plan and perform the audit to obtain reasonableassurance about whether adequate internal financial controls with reference to financialstatements was established and maintained and if such controls operated efiectively in allmaterial respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls system with reference to financial statements and theiroperating efiectiveness. Our audit of internal financial controls with reference tofinancial statements included obtaining an understanding of internal financial controlswith reference to financial statements assessing the risk that a material weaknessexists and testing and evaluating the design and operating efiectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor’sjudgement including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is suficient and appropriate toprovide a basis for our audit opinion on the Company’s internal financial controlsystem with reference to financial statements.

Meaning of Internal Financial Controls with reference to Financial Statements

A company’s internal financial control with reference to financial statements is aprocess designed to provide reasonable assurance regarding the reliability of financialreporting and the preparation of financial statements for external purposes in accordancewith generally accepted accounting principles. A company’s internal financial controlwith reference to financial statements includes those policies and procedures that (1)pertain to the maintenance of records that in reasonable detail accurately and fairlyreflect the transactions and dispositions of the assets of the company; (2) providereasonable assurance that transactions are recorded as necessary to permit preparation offinancial statements in accordance with generally accepted accounting principles and thatreceipts and expenditures of the company are being made only in accordance withauthorisations of management and directors of the company; and (3) provide reasonableassurance regarding prevention or timely detection of unauthorised acquisition use ordisposition of the company’s assets that could have a material efiect on thefinancial statements.

Inherent Limitations of Internal Financial Controls with reference to FinancialStatements

Because of the inherent limitations of internal financial controls with reference tofinancial statements including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls withreference to financial statements to future periods are subject to the risk that theinternal financial control with reference to financial statements may become inadequatebecause of changes in conditions or that the degree of compliance with the policies orprocedures may deteriorat.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial control system with reference to financial statements and such internalfinancial controls with reference to financial statements were operating efiectively as at31 March 2018 based on the internal controls with reference to financial statementscriteria established by the Company considering the essential components of internalcontrols stated in the Guidance Note issued by the ICAI.

For B S R & Associates LLP
Chartered Accountants
Firm’s Registration No: 116231W/W-100024
Shabbir Readymadewala
Mumbai Partner
11 May 2018 Membership No: 100060