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Williamson Magor & Company Ltd.

BSE: 519224 Sector: Financials
NSE: WILLAMAGOR ISIN Code: INE210A01017
BSE 13:24 | 12 Dec 52.05 -2.05
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NSE 13:22 | 12 Dec 54.00 0.80
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OPEN 52.05
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VOLUME 10
52-Week high 147.80
52-Week low 43.00
P/E
Mkt Cap.(Rs cr) 57
Buy Price 53.15
Buy Qty 50.00
Sell Price 54.45
Sell Qty 10.00
OPEN 52.05
CLOSE 54.10
VOLUME 10
52-Week high 147.80
52-Week low 43.00
P/E
Mkt Cap.(Rs cr) 57
Buy Price 53.15
Buy Qty 50.00
Sell Price 54.45
Sell Qty 10.00

Williamson Magor & Company Ltd. (WILLAMAGOR) - Auditors Report

Company auditors report

To the Members of Williamson Magor & Co. Limited

Report on the Standalone Financial Statements

We have audited the accompanying Standalone financial statements of Williamson Magor& Co. Limited ("the Company") which comprise the Balance Sheet as at 31stMarch 2018 the Statement of Profit and Loss and Cash Flow Statement for the year thenended and a summary of significant accounting policies and other explanatory information.

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 preparationand presentation of these standalone financial statements to give a true and fair view ofthe financial position financial performance and cash flows of the Company in accordancewith the accounting principles generally accepted in India including the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the standalone financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

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 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 standalone financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the standalone financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thestandalone financial statements whether due to fraud or error. In making those riskassessments the auditor considers internal financial control relevant to the Company'spreparation of the standalone financial statements that give a true and fair view in orderto design audit procedures that are appropriate in the circumstances. An audit alsoincludes evaluating the appropriateness of accounting policies used and the reasonablenessof the accounting estimates made by the Company's Directors as well as evaluating theoverall presentation of the standalone financial statements.

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

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2017 ("the Ordef')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 B a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014;

e) on the basis of written representations received from the Directors as on 31stMarch2017 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 A; 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 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 as at March 31 2018 onits financial position in its standalone financial statements. Refer Note 25A(a) to thestandalone financial statements.

ii. the Company did not have any long-term contracts including derivative contracts asat March 31 2018 for which there were any material foreseeable losses.

iii. there were no amounts due which were required to be transferred to the InvestorEducation and Protection Fund by the Company during the year ended March 31 2018.

For V.SINGHI & ASSOCIATES
Chartered Accountants
Firm Registration No. : 311017E
Four Mangoe Lane
Surendra Mohan Ghosh Sarani (V.K.SINGHI)
Kolkata 700 001 Partner
Dated : 30th May 2018 Membership No. 050051

Annexure - A to Independent Auditors' Report

(Referred to in paragraph-2(f) on Other Legal and Regulatory Requirements of our Reportof even date to the members of Williamson Magor & Co. Limited on the standalonefinancial statements 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 WilliamsonMagor & Co. Limited ("the Company") as of 31st March 2018 in conjunctionwith our audit of the standalone financial statements of the Company for the year ended onthat 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 (‘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 safeguarding 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 controls over financial reporting was established and maintained and if suchcontrols 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 standalone financial statements whether due to fraud orerror.

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 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 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.

For V.SINGHI & ASSOCIATES
Chartered Accountants
Firm Registration No. : 311017E
Four Mangoe Lane
Surendra Mohan Ghosh Sarani (V.K.SINGHI)
Kolkata 700 001 Partner
Dated : 30th May 2018 Membership No. 050051

Annexure B to Independent Auditors' Report

(Referred to in paragraph-1 on Other Legal and Regulatory Requirements of our Reportof even date to the members of Williamson Magor & Co. Limited on the StandaloneFinancial Statements 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 have been noticed onsuch verification.

c) As per records of the Company and according to the information and explanationsgiven to us the Title Deed of immovable property as disclosed in Note 11 on tangibleassets to the standalone financial statements are held in the name of the Company exceptfor the following in respect of which we are unable to comment whether the title deedsare in name of the company due to non-availability of such title deeds as set out in Note11(a) to the standalone financial statements.

Particulars Class of Asset Gross Block Amount (' in thousand) Net Block Amount (' in thousand)
One property located at Mumbai Buildings 912 236

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 and securities provided by it as applicable.

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 Section 148 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 andexplanations given to us the Company

is generally regular in depositing undisputed applicable statutory dues includingProvident Fund Income- tax Goods and Service Tax Cess and any other statutory dues withthe appropriate authorities and there are no undisputed amount payable in respect of thesame which were in arrears as on 31st March 2018 for a period of more than six monthsfrom 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 (' in thousand) Period to which the amount relates Forum where the dispute is pending
Central Excise Act 1944 Interest on Duty of Excise 711 1987-88 Hon'ble High Court of Chennai
Finance Act 1994 Service Tax Penalty and interest thereon 14237 and interest thereon 2005-06 200607 2007-08 and 2008-09 Customs Excise and Service Tax Appellate Tribunal East Zonal Bench Kolkata
Finance Act 1994 Service Tax Penalty and interest thereon 11931 and interest thereon 2004- 05 and 2005- 06 Customs Excise and Service Tax Appellate Tribunal East Zonal Bench Kolkata

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 term loan has beenapplied for the purpose for which the same was obtained. The company has not raised anymonies by way of initial public offer further public offer (including debt instruments).

x. During the course of our examination of the books and records of the companycarried out in accordance with the generally accepted auditing practices in India andaccording to the information and explanations given to us neither any material fraud bythe Company or on the Company by its officers or employees has been noticed or reportedduring the year 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 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 standalonefinancial statements as required under Accounting Standards (AS) 18 Related PartyDisclosure specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.

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 records we 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 Act 1934.

For V.SINGHI & ASSOCIATES
Chartered Accountants
Firm Registration No. : 311017E
Four Mangoe Lane
Surendra Mohan Ghosh Sarani (V.K.SINGHI)
Kolkata 700 001 Partner
Dated : 30th May 2018 Membership No. 050051