Winy Commercial & Fiscal Services Ltd.
|BSE: 538873||Sector: Financials|
|NSE: N.A.||ISIN Code: INE111C01013|
|BSE 00:00 | 28 Dec||Winy Commercial & Fiscal Services Ltd|
|NSE 05:30 | 01 Jan||Winy Commercial & Fiscal Services Ltd|
|BSE: 538873||Sector: Financials|
|NSE: N.A.||ISIN Code: INE111C01013|
|BSE 00:00 | 28 Dec||Winy Commercial & Fiscal Services Ltd|
|NSE 05:30 | 01 Jan||Winy Commercial & Fiscal Services Ltd|
TO THE MEMBERS OF
WINY COMMERCIAL & FISCAL SERVICES LIMITED
Report on the Standalone Financial Statements Opinion
We have audited the accompanying standalone financial statements of Winy Commercial& Fiscal Services Limited (the Company') which comprise the BalanceSheet as at March 31 2019 the Statement of Profit and Loss and the Cash Flow Statementfor the year then ended and a summary of significant accounting policies and otherexplanatory information.
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 Companies Act 2013 (Act') in the manner so required and give a true and fairview in conformity with the accounting principles generally accepted in India includingthe Accounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 (as amended) of the state of affairs of the Company asat March 31 2019 its losses 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 specified undersection 143(10) of the Act. Our responsibilities under those Standards are furtherdescribed in the Auditor's Responsibilities for the Audit of the Financial Statementssection of our report. We are independent of the Company in accordance with the Code ofEthics issued by the Institute of Chartered Accountants of India (ICAI') togetherwith the ethical requirements that are relevant to our audit of the financial statementsunder the provisions of the Act and the Rules thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the Code of Ethics. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our opinion.
Information other than the Financial Statements and Auditor's Report thereon
The Company's Board of Directors is responsible for the other information. The otherinformation comprises the information included in the Annual Report but does not includethe financial statements and our auditor's report thereon. Our opinion on the financialstatements does not cover the other information and we do not express any form ofassurance conclusion thereon.
In connection with our audit of the financial statements our responsibility is to readthe other information and in doing so consider whether the other information ismaterially inconsistent with the financial statements for our knowledge obtained in theaudit or otherwise appears to be materially misstated. If based on the work we haveperformed we conclude that there is a material misstatement of this other information weare required to report that fact. We have nothing to report in this regard.
Responsibilities of Management for the Standalone Financial Statements The Company'sBoard of Directors is responsible for the matters stated in section 134(5) of the Act withrespect to the preparation of these standalone financial statements that give a true andfair view of the state of affairs losses and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsread with Rule 7 of the Companies (Accounts) Rules 2014 (as amended) specified undersection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate implementation and maintenance of accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation and maintenance of adequate internal financial controls that were operatingeffectively for ensuring the accuracy and completeness of the accounting records relevantto the preparation and presentation of the financial statements that give a true and fairview and are free from material misstatement whether due to fraud or error.
In preparing these standalone financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.
Board of Directors are also responsible for overseeing the company's financialreporting process.
Auditor's Responsibilities for the Audit of 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 an auditor's report that includes our opinion. Reasonable assurance is a highlevel of assurance but is not a guarantee that an audit conducted in accordance withStandards on Auditing will always detect a material misstatement when it exists.Misstatements can arise from fraud or error and are considered material if individuallyor in the aggregate they could reasonably be expected to influence the economic decisionsof users taken on the basis of these financial statements.
As part of an audit in accordance with Standards on Auditing we exercise professionaljudgment and maintain professional skepticism 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 Act we are also responsible for expressing our opinion on whether the company hasadequate internal financial controls system in place and the operating effectiveness ofsuch 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
As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government of India in terms of section 143(11) of the Act we givein the Annexure A a statement on the matters specified in paragraphs 3 and 4 of theOrder to the extent applicable.
1. 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 standalone financial statements dealt with by this Report are in agreement withthe 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 (as amended);
e. On the basis of the written representations received from the directors and taken onrecord by the Board of Directors none of the directors is disqualified as on 31st March2019 from being appointed as a director in terms of Section 164 (2) of the Act;
f. In our opinion and according to the information and explanations given to us theremuneration paid by the company to its directors during the current year are inaccordance with the provisions of section 197 read with schedule V to the Act.
g. We have also audited the internal financial controls over financial reporting(IFCoFR) of the Company as on 31 March 2019 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date and ourreport dated 30.05.2019 as per Annexure B'.
h. 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 (as amended) inour opinion and to the best of our information and according to the explanations given tous:
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.
According to the information and explanations given to us and on the basis of testchecks carried out by us during the course of the audit of the Company our reports on thematters specified in Para 3A and 3C of the Master Direction - Non-Banking FinancialCompanies Auditors' Report (Reserve Bank) Directions 2016 are as follows:
(i) The Company is engaged in the business of non-banking financial institution and hasobtained a Certificate of Registration from the Reserve Bank of India;
(ii) Based on the information and explanations given to us the Company is entitled tocontinue to hold the Certificate of Registration in terms of its asset/income pattern ason 31st March 2019;
(iii) The Company is meeting the net-owned fund requirement as laid down in the MasterDirections issued by the Reserve Bank of India;
(iv) The Board of Directors of the Company has passed a resolution for not acceptingany public deposit;
(v) The Company has not accepted any public deposit during the year;
(vi) The Company has complied with the prudential norms relating to income recognitionincome on investments accounting for investments accounting standards assetclassification and provisioning for bad and doubtful debts as applicable to it in terms ofNon-Banking Financial Company Non-Systemically Important Non-Deposit Taking Company(Reserve Bank) Directions 2016;
(vii) Based on the information and explanations given to us the Company has not beenclassified as a NBFC Micro Finance Institution (MFI) as defined in the Non-BankingFinancial Company Non-Systemically Important Non-Deposit Taking Company (Reserve Bank)Directions 2016.
Annexure A' to the Independent Auditor's Report
With reference to Annexure referred to in paragraph-1 in Report on other Legal ®ulatory Requirements of the Independent Auditor's Report to the Members of M/s WinyCommercial & Fiscal Services Limited on the Financial Statements for the year ended 31stMarch 2019 we report that :
(i) (a) The company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.
(b) The fixed assets have been physically verified by the management during the year.No material discrepancies were noticed on such verification. In our opinion the frequencyof verification of the fixed assets is reasonable having regard to the size of the Companyand the nature of its assets.
(c) The Company does not hold any immovable properties in the name of the Company.
(ii) Stock in Trade is in the form of Shares Debentures etc. and as per AS-2 of theInstitute of Chartered Accountants of India; they are not Inventories and hence are notcovered by clause 3(ii) of the order.
(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships (LLPs) or other parties covered in the register maintainedunder Section 189 of the Company Act 2013.
Accordingly the provisions of clauses 3(iii)(a) 3(iii)(b) and 3(iii)(c) of the orderare not applicable to the Company.
(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provision of Section 185 and 186 of the Companies Act 2013in respect of loans Investments guarantees and security.
(v) In our opinion and according to the information and explanations given to us thecompany has not accepted any deposits within the meaning of sections 73 to 76 of theCompanies Act 2013 and the Companies (Acceptance of Deposit) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the order are not applicable.
(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Companies Act 2013 in respect of the activities carried on by theCompany; hence the provisions of Clause 3(vi) of the order are not applicable.
(vii) According to the information and explanations given to us in respect ofstatutory dues:
(a) According to the information and explanations given to us and on the basis of ourexamination of records of the company amounts deducted/ accrued in the books of accountsin respect of undisputed statutory dues including income-tax sales-tax wealth-taxcustom duty excised duty value added tax cess and other statutory dues have beenregularly deposited during the year by the Company with the appropriate authorities. Wehave been informed that there are no arrears of outstanding dues as at the last day of thefinancial year under audit for a period of more than six months from the date they becomepayable.
(b) According to the information and explanations given to us there are no statutorydues of Income Tax Sales Tax Service Tax duty of Customs duty of excise and valueadded tax and other material statutory dues in arrears as 31st March 2019which have not been deposited on account of any dispute.
(viii) The Company has no loans or borrowings payable to a financial Institution or abank or government and no dues payable to debenture holders during the year. Accordinglyprovisions of clause 3(viii) of the order are not applicable.
(ix) The Company has not raised any money by way of initial public offer or furtherpublic offer (including debt instruments) and any terms loans during the year. Accordinglyprovisions of clause 3(ix) of the Order are not applicable.
(x) To the best of our knowledge and according to the information and explanation givento us no fraud by the company or on the Company by its officers or employees has beennoticed or reported during the period covered by our audit.
(xi) In our opinion and according to information and explanation given to us theCompany has paid / provided managerial remuneration in accordance with the requisiteapprovals mandated by the provision of section 197 read with schedule V to the CompaniesAct 2013.
(xii) In our opinion the Company is not a Nidhi Company. Accordingly clause 3(xii) ofthe Order is not applicable.
(xiii) In our opinion all the transactions with the related parties are in compliancewith Section 177 and 188 of the Companies Act 2013 where applicable and the requisitedetails have been disclosed in the financial statements etc. as required by the applicableaccounting standards.
(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debenture.
(xv) In our opinion and according to the information and explanations given to us theCompany has not entered into non-cash transaction with its directors or person connectedwith them.
(xvi) The Company is required to be registered under Section 45-1A of the Reserve Bankof India Act 1934 and such registration has been obtained by the Company.
Annexure B' to the Independent Auditor's Report
Report on the Internal Financial Controls under Clause (i) of Subsection 3 of Section143 of the Companies Act 2013 ("the Act").
1. We have audited the internal financial controls over financial reporting of WinyCommercial & Fiscal Services Limited ("the Company") as of March 31 2019in conjunction with our audit of the Financial Statements of the Company for the yearended 31st March 2019
2. 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). These responsibilitiesinclude the design implementation and maintenance of adequate internal financial controlsthat were operating effectively for ensuring the orderly and efficient conduct of itsbusiness including adherence to company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Companies Act 2013.
3. 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 internal financial controls both applicable to an audit ofinternal financial controls and both issued by the Institute of Chartered Accounts ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain responsible 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 included obtaining anunderstanding of internal financial controls over financial reporting assessing the riskthat a material weakness exists and testing and evaluating the design and operatingeffectiveness of internal control based on the assessed risk. The procedures selecteddepend on the auditor's judgment including the assessment of the risk of materialmisstatement of the financial 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 of the Company's internal financial controls systemover financial reporting.
4. 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 the 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 of records that in reasonable details accurately andfairly reflect the transactions and dispositions of the assets of the Company.
2. Provide reasonable assurance that transactions are recorded as necessary to permitpreparation of financial statements in accordance with generally accepted accountingprinciples and those receipts and expenditures of the company are being made only inaccordance with authorisations of management and Directors of the Company.
3. Provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial effect on the financial statements.
5. 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 orcontrols 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 any become inadequate because of change in conditions or that the degree ofcompliance with the policies or procedures may deteriorate.
In our opinion to the best of our information and according to the explanations givento us the Company has in all material respect an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2019 based on internal controls overfinancial reporting criteria established by the Company considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls over Financial Reporting issued by the Institute of Chartered Accountants ofIndia on Audit of Internal Financial Controls over Financial Reporting issued by theInstitute of Chartered Accountants of India on Audit of Internal Financial Controls overFinancial Reporting issued by the Institute of Chartered Accounts of India.