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Williamson Financial Services Ltd.

BSE: 519214 Sector: Financials
NSE: N.A. ISIN Code: INE188E01017
BSE 00:00 | 13 Aug 4.35 0
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NSE 05:30 | 01 Jan Williamson Financial Services Ltd
OPEN 4.40
PREVIOUS CLOSE 4.35
VOLUME 2100
52-Week high 12.00
52-Week low 3.94
P/E
Mkt Cap.(Rs cr) 4
Buy Price 4.20
Buy Qty 1000.00
Sell Price 4.50
Sell Qty 1000.00
OPEN 4.40
CLOSE 4.35
VOLUME 2100
52-Week high 12.00
52-Week low 3.94
P/E
Mkt Cap.(Rs cr) 4
Buy Price 4.20
Buy Qty 1000.00
Sell Price 4.50
Sell Qty 1000.00

Williamson Financial Services Ltd. (WILLIAMSONFIN) - Auditors Report

Company auditors report

To the Members of Williamson Financial Services Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying Financial Statements of Williamson FinancialServices Limited (‘‘the Company'') which comprise the Balance Sheet as at31st March 2019 and the Statement of Profit and Loss and Statement of Cash Flows forthe year then ended and notes to the financial statements including a summary ofsignificant accounting policies and other explanatory information.

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2019 and its loss 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) specifiedunder section 143(10) of the Companies Act 2013. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit of theFinancial Statements section of our report. We are independent of the Company inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rulesthereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and Code of Ethics. We believe that the audit evidence we have obtainedis sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 3 in the financial statements which indicates that theCompany incurred a net loss of Rs. 1923789475/- during the year ended March 31 2019and as of that date Company's current liabilities are near about to its total assets andNet Worth of the Company has also been fully eroded. However on the basis of Letter ofSupport from the promoter group the accounts have been prepared on Going Concern basis.(Refer Note 24). Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the financial statements of the current period. These matterswere addressed in the context of our audit of the financial statements as a whole and informing our opinion thereon and we do not provide a separate opinion on these matters.

We have determined that there are no key audit matters to communicate in our report.

Information Other than the Financial Statements and Auditor's Report Thereon

The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the Board'sReport including annexures to Board's Report and Shareholder's Information but does notinclude the financial statements and our auditor's report thereon. The Board Reportincluding Annexures to Board's Report is expected to be made available to us after thedate of this Auditor's Report.

Our opinion on the financial statements does not cover the other information and we donot express any form of assurance conclusion thereon.

In connection with our audit of the financial statements our responsibility is to readthe other information identified above when it becomes available and in doing soconsider whether the other information is materially inconsistent with the financialstatements or our knowledge obtained during the course of our audit or otherwise appearsto be materially misstated.

Responsibilities of Management and Those Charged with Governance for the FinancialStatements.

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 financial statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with the and otheraccounting principles generally accepted in India including the Accounting Standardsspecified under section 133 of the Act. This responsibility also includes maintenance ofadequate accounting records in accordance with the provisions of the Act for safeguardingof the assets of the Company and for preventing and detecting frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgements and estimates that are reasonable and prudent; and design implementation andmaintenance of adequate internal financial controls that were operating effectively forensuring the accuracy and completeness of the accounting records relevant of thepreparation and presentation of the financial statement that give a true and fair view andare free from material misstatement whether due to fraud or error.

In preparing the financial statements Board of Directors is responsible for assessingthe Company's ability to continue as a going concern disclosing as applicable mattersrelated to going concern and using the going concern basis of accounting unless Board ofDirectors either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

Those Board of Directors are also responsible for overseeing the Company's financialreporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue and auditor's report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Misstatements can arisefrom fraud or error and are considered material if individually or in the aggregate theycould reasonably be expected to influence the economic decision of user taken on the basisof these financial statements.

As part of an audit in accordance with SAs we exercise professional judgment andmaintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order todesign audit procedures that are appropriate in the circumstances. Under section 143(3)(i)of the Companies

Act 2013 we are also responsible for expressing our opinion on whether the companyhas adequate internal financial controls system in place and the operating effectivenessof such controls.

• Evaluate the appropriateness of accounting policies used and the reasonablenessof accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basisof accounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe financial statements or if such disclosures are inadequate to modify our opinion.Our conclusions are based on the audit evidence obtained up to the date of our auditor'sreport. However future events or conditions may cause the Company to cease to continue asa going concern.

• Evaluate the overall presentation structure and content of the financialstatements including the disclosures and whether the financial statements represent theunderlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding among other matters theplanned scope and timing of the audit and significant audit findings including anysignificant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

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 sub-section (11) of section 143 ofthe Companies Act 2013 we give in the Annexure a statement on the matters specified inparagraphs 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 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 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 the written representations received from the directors as on 31stMarch 2019 taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2019 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 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 (Audit and Auditors) Rules 2014 in ouropinion and to the best of our information and according to the explanations givento us:

i. The Company has disclosed the impact of pending litigations as at 31st March 2019on its financial position in its financial statements Refer Note 22 to thefinancial statements

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

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

For SALARPURIA & PARTNERS
Chartered Accountants
Firm ICAI Reg. No. 302113E
Place : Kolkata Nihar Ranjan Nayak
Date : 29th May 2019 Chartered Accountant
Membership No. : 57076
Partner

Annexure – A to the Independent Auditor's Report

The Annexure referred to in Independent Auditors' Report to the members of the Companyon the financial statements for the year ended 31st March 2019 we report that:

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

b) As explained to us fixed assets have been physically verified by the management atreasonable intervals. According to the information and explanations given to us no discrepancieswere noticed on such verification.

c) The Company does not have immovable properties so Paragraph 3(i)(c) of the saidOrder is not applicable.

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 loans secured or unsecured to Companies firms LLP or Other parties Coveredin the register maintained under section 189 of the Companies Act 2013.

iv. According to the information and explanation given to us the Company has compliedwith the provisions of section 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 there is no suchdeposits taken by the Company for which directives issued by the Reserve Bank of Indiaand the provisions of sections 73 to 76 or any other relevant provisions of the CompaniesAct 2013 and the rules framed there under are required to be complied with.

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 Section 148 ofthe Act for any services rendered by the Company. Accordingly clause 3(vi) of the Orderis not applicable.

vii. a) According to the records of the Company and as per the information andexplanations given to us it has been regular in depositing undisputed statutorydues like Provident Fund Employees' State Insurance Income Tax Goods andServices Tax Customs Duty Excise Duty Cess and Other Statutory Dues with theappropriate authorities.

b) According to the information and explanations given to us no undisputed amountspayable in respect of Provident Fund Income Tax Goods and Services Tax Duty ofCustoms Cess and other material statutory dues were in arrears as at 31st March2019 for a period of more than six months from the date they became payable.

viii. The Company does not have any loans or borrowings from any financialinstitutions banks government or debenture holders during the year. Accordinglyparagraph 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 Company'sterm loan has been applied for the purpose for which the same was obtained.

x. According to the information and explanations given to us no fraud by the Companyor on the Company by its Officer or Employees has been noticed or reported duringthe course of our audit nor have we 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 records of the Company Managerial remuneration has beenpaid/provided by the Company in accordance with Section 197 read with Schedule V tothe Companies Act 2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi Company. Accordingly paragraph 3(xii) of the Order is notapplicable.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related partiesare in compliance with Sections 177 and 188 of the Act where applicable and it is of suchtransactions have been disclosed in the financial statements as required by theapplicable accounting standards

xiv. According to the information and explanations given to us and based on ourexamination of the record of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debenturesduring the year. Hence comment on paragraph 3(xiv) of Order is not applicable.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transaction with directors or persons connected with him.Accordingly paragraph 3(xv) of the Order is not applicable.

xvi. The Company has obtained Registration under Section 45-IA of Reserve Bank of IndiaAct 1934. However the Company fails to achieve the threshold limit of Net Owned Fund asper RBI Act.

For SALARPURIA & PARTNERS
Chartered Accountants
Firm ICAI Reg. No. 302113E
Place : Kolkata Nihar Ranjan Nayak
Date : 29th May2019 Chartered Accountant
Membership No. : 57076
Partner

Annexure – B to the Independent Auditor's Report

(Referred to Paragraph 2(g) of Report on Other Legal and Regulatory Requirements of ourReport of even date)

We have audited the internal financial controls over financial reporting ofWilliamsonFinancial Services Limited ("the Company") as of 31st March 2019 inconjunction with our audit of the financial statements of the Company for the year endedon 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 criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls Over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to company's policies the safeguarding of its assets the preventionand detection of frauds and errors the accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information as required underthe Companies Act 2013.

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 ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively 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 operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or .

We believe that the audit evidence we have obtained is sufficient for our audit opinionon the Company's internal financial controls system over financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial control over financial reporting is a process designedto provide 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 principles and 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 financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree 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 2019 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.

For SALARPURIA & PARTNERS
Chartered Accountants
Firm ICAI Reg. No. 302113E
Place : Kolkata Nihar Ranjan Nayak
Date : 29th May 2019 Chartered Accountant
Membership No. : 57076
Partner