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Williamson Financial Services Ltd.

BSE: 519214 Sector: Financials
NSE: N.A. ISIN Code: INE188E01017
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NSE 05:30 | 01 Jan Williamson Financial Services Ltd
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VOLUME 204
52-Week high 42.15
52-Week low 20.75
P/E
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 21.00
CLOSE 21.00
VOLUME 204
52-Week high 42.15
52-Week low 20.75
P/E
Mkt Cap.(Rs cr) 18
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Williamson Financial Services Ltd. (WILLIAMSONFIN) - Auditors Report

Company auditors report

To the Members of Williamson Financial Services Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Williamson FinancialServices Limited ("the Company") which comprise the Balance Sheet as at31st March 2018 the Statement of Profit and Loss and Cash Flow Statement for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the 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 preparationand presentation of these financial statements to give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting 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. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the act for safeguarding 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 effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud orerror.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act and the Rules made thereunderincluding the accounting standards and matters which are required to be included in theAudit Report.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act and other applicable authoritative pronouncements issued by theInstitute of Chartered Accountants of India. Those Standards require that we comply withethical requirements and plan and perform the audit to obtain reasonable assurance aboutwhether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the financial statements.

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

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information give a true and fairview in conformity with the accounting principles generally accepted in India of thestate of affairs of the Company as at 31st March 2018 its loss and its cash flows for theyear ended on that date.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 ("the Order")issued by the Central Government of India in terms of sub-section (11) of section 143 ofthe Act and on the basis of such checks of the books and records of the Company as weconsidered appropriate and according to the information and explanations given to us wegive in the Annexure - A a statement on the matters specified in paragraphs 3 and 4 ofthe 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 purpose 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 opinionthe aforesaid financial statements comply with the AccountingStandards specified 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 31stMarch 2018 and taken on record by the Board of Directorsnone of the directors isdisqualified as on 31st March 2018 from being appointed as a director in terms ofSection 164(2) of the Act;

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 (Auditand Auditors) Rules 2014 in our opinionand to the best of our knowledge and belief and according to the information andexplanations given to us:

i. the Company has disclosed the impact of pending litigations in its financialposition in its financial statements. Refer Note 22 to the financial statements.

ii. the Company did not have any long-term contracts including derivative contracts forwhich there were any material for eseeable losses.

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

SALARPURIA & PARTNERS
Chartered Accountants
Firm Reg. No. 302113E
Place : Kolkata (Nihar Ranjan Nayak)
Date : 28.05.2018 Partner
Membership No. : 57076

Annexure – A to the Independent Auditor's Report

(Referred to in paragraph-1 on Other Legal and Regulatory Requirements of our Reportof even date to the members of Williamson Financial Services Limited on the FinancialStatements of the Company for the year ended 31st March 2018)

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

b) As informed to us the fixed assets have been physically verified by the managementat regular intervals; and as informed to us no material discrepancies were noticed on suchverification.

c) As per records of the Company and according to the information and explanationsgiven to us the Title Deed of immovable property is held in the name of the Company.

ii. The Company's nature of operations does not require it to hold any item ofinventories. Accordingly clause 3(ii) of the Order is not applicable.

iii. According to the information and explanations given to us the Company has notgranted any loan secured or unsecured to companies firms Limited.LiabilityPartnerships or other parties covered in the register maintained under Section 189 of theAct. Accordingly clause 3(iii) (a) (b} and (c) of the Order are not applicable.

iv. According to the information and explanations given to us the Company has compliedwith the provisions of sections 185 and 186 of the Act with respect to the loansinvestments made and guarantees given.

v. According to the information and explanations given to us the Company has notaccepted any deposits from the public in terms of directives issued by Reserve Bank ofIndia and within the meaning of sections 73 to 76 of the Act and the rules framed thereunder to the extent notified.

vi. According to the information and explanations given to us the Central Governmenthas not prescribed the maintenance of cost records under Sub-section (1) of Section148 ofthe Act for any services rendered by the Company. Accordingly clause 3(vi) of the Orderis not applicable.

vii. a) As per records of the Company and according to the information and explanationsgiven to us the Company is generally regular in depositing undisputed applicablestatutory dues including Provident Fund Income-tax Service Tax Cess and any otherstatutory dues with the appropriate authorities and there are no undisputed amount payablein respect of the same which were in arrears as on 31st March 2018 for a period of morethan six months from the date they became payable.

b) According to the information and explanations given to us the Company has notdeposited the following dues on account of dispute with the appropriate authority.

Name of the Statute Nature of Dues Amount (Rs.) Period to which the amount relates Forum where dispute is pending
Income tax Act1961 Income Tax 9264920/- A.Y. 2014-15 DCIT

viii. According to the information and explanations given to us and on the basis ofbooks and records examined by us the Company has neither taken any loans from financialinstitutions or banks or Government nor issued any debentures. Accordingly clause 3(viii)of the Order is not applicable.

ix. According to the information and explanations given to us and based on ourexamination of the books and records of the Company we report that the Companys term loanhas been applied for the purpose for which the same was obtained.

x. According to the information and explanations given to us neither any materialfraud by the Company or on the Company by its officers or employees has been noticed orreported during the year nor we have been informed of any such case by the management.

xi. According to the information and explanations given to us and based on ourexamination of the books and records we report that the Company has paid or providedmanagerial remuneration in accordance with the requisite approvals mandated by theprovisions 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 clause 3(xii) of the Order is not applicable.

xiii. According to the information and explanations given to us and based on ourexamination of the books and records of the Company we report that the transactions withthe related parties are in compliance with sections 177 and 188 of the Act whereapplicable and details of such transactions have been disclosed in the financialstatements as required by the applicable accounting standards.

xiv. According to the information and explanations given to us and based on ourexamination of the books and records of the Company we report that the Company has notmade any preferential allotment/ private placement of shares or fully or partlyconvertible debentures during the year. Accordingly clause 3(xiv) of the Order is notapplicable.

xv. According to the information and explanations given to us and based on ourexamination of the books and recordswe report that the Company has not entered into anynon-cash transactions with directors or persons connected with him during the year.Accordingly clause 3(xv) of the Order is not applicable.

xvi. The Company is a Non Banking Financial Company and has obtained registration undersection 45-IA of the Reserve Bank of India Act1934.

SALARPURIA & PARTNERS
Chartered Accountants
Firm Reg. No. 302113E
Place : Kolkata (Nihar Ranjan Nayak)
Date : 28.05.2018 Partner
Membership No. : 57076

Annexure – B to the Independent Auditor's Report

(Referred to in paragraph-2(f) on Other Legal and Regulatory Requirements of our Reportof even date to the Members of Williamson Financial Services Limited on the FinancialStatements of the Company for the year ended 31st March 2018)

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Act.

We have audited the internal financial controls over financial reporting of WilliamsonFinancial Services Limited ("the Company") as of 31st March 2018 in conjunctionwith our audit of the 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 criteriaestablislied by the Company considering the essential components of internal controlstated in the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting issued by the Institute of Chartered Accountants of India (‘ICAI'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safe guarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Act.

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 the 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 Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial reporting was established and maintained and if such controls operatedeffectively in all material respects.

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

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 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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principlesand that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets that could have a material 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 reporting to future financial controlsover financial periods are subject to the risk that the internal control over financialreporting may become inadequate because of changes in conditions financial or that thedegree 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 31st 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.

SALARPURIA & PARTNERS
Chartered Accountants
Firm Reg. No. 302113E
Place : Kolkata (Nihar Ranjan Nayak)
Date : 28.05.2018 Partner
Membership No. : 57076