WSFX Global Pay Limited — Annual Report 2021

May 24, 2021

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Date: 24[th] May, 2021

To, BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

SCRIP CODE: 511147

Company: Wall Street Finance Limited

Subject: Outcome of the Board Meeting pursuant to Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board Meeting of the Company was held today i.e. Monday, 24[th] May, 2021 and the Board Members has inter-alia, considered and approved the following:

• (1) As recommended by the Audit Committee, the Board approved the Audited Financial Results (Standalone and Consolidated) for the fourth quarter and financial year ended 31[st] March, 2021. We are enclosing the said financial results alongwith the Auditors report (Standalone and Consolidated) as issued by M/s. DTS & Associates, LLP Chartered Accountants, the Statutory Auditors of the Company as an Annexure I.

• (2) We are enclosing the declaration with regard to the auditor reports (Standalone and Consolidated) with unmodified opinion by the Statutory Auditors of the Company as an Annexure II.

The meeting of Board of Directors commenced at 5.00 p.m. and concluded at 6.45 p.m.

Please take the above on record and acknowledge the receipt of the same.

Thanking You, For Wall Street Finance Limited

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_______ Chaitali Desai Company Secretary

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D T S & Assoc i ates LLP

Chartered Accountants

Independent Auditors' Report on the Quarterly and Year to Date Audited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors of Wall Street Finance Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying Statement of quarterly and year to date Standalone Financial Results of WALL STREET FINANCE LIMITED (the “Company”), for the quarter and year ended March 31, 2021 (the “Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the statement: i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and ii. gives a true and fair view in conformity with Indian Accounting Standard 34 “Interim Financial Reporting” (Ind AS 34”) prescribed under Section 133 of the Companies Act 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the net loss and other comprehensive income and other financial information of the Company for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit of the Statement in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the “Auditor’s Responsibilities for the Audit of the Standalone Financial Results” section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (“ICAI”) together with the ethical requirements that are relevant to our audit of the Standalone Financial Results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to Note No. 5 of the Financial Results which give the details of steps taken for recovery of Premises Deposits. Despite these steps resulting in some favourable adjudication of the legal case, actual recovery of deposits is yet to fructify.

Our opinion is not modified in respect of this matter.

RE GD. OF FI CE : S UI TE # 13 06 - 13 07, LODH A S UP REM U S, SEN A PA TI BA PA T M A RG , LOWER PA REL, M UM BA I – 40 0 013. PHONE: +91 22 4945 4050 FAX: + 91 22 4945 4010

CORP. OF FI CE: 110 5, RA H E JA CEN TRE, FRE E PRE SS J OURN A L M A RG, N A RI M A N POI N , M UM BA I - 400 0 21. PHONE: +91 22 49 73 2396 WEB: www.dt sa. in

D T S & Assoc i ates LLP C h a r t e r e d A c c o u n t a n t s

Management’s Responsibilities for the Standalone Financial Results

This Statement has been prepared on the basis of the standalone annual financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the net loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that gives a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board of Directors are responsible for assessing the Company’s ability, to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor’s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

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

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

Continuation Sheet …..

D T S & Assoc i ates LLP C h a r t e r e d A c c o u n t a n t s

• Obtain an understanding of internal financial controls relevant to the audit in order to design 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 has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial results 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’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

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

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

Other Matter

The statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For D T S & Assoc i ates LLP Chartered Accountants Registration No. 142412W / W100595 T. P. Ostwal (Partner) M. No. 030848

Place: Mumbai Date: May 24, 2021 UDIN: 21030848AAAAAY2546

Continuation Sheet …..

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AUDITED STATEMENT OF ASSETS & LIABILITIES (Rs. In Lakhs)
STANDALONE
PARTICULARS As at 31st As at 31st
March 2021 March 2020
ASSETS
Non-Current Assets
Property, plant and equipment 96.03 114.63
- -
Investment Property
Goodwill on Consolidation
Other Intangible assets 514.14 347.49
Intangible Asset under development - 255.19
Financial assets
Investments 17.50 16.59
Other financial assets 243.28 103.29
Other non-current assets 4.14 1.99
Deferred tax asset (Net) 298.21 115.96
Income tax assets (Net) 321.04 300.32
Current Assets
Inventories 65.00 283.01
Financial Assets
Investments 10.29 10.20
Trade Receivables 781.92 359.08
Cash and Cash Equivalents 1,221.01 1,439.61
Other Bank Balances 736.57 1,290.00
Other financial assets 224.37 225.71
Other Current Assets 231.38 255.93
Total Assets 4,764.89 5,119.00
EQUITY AND LIABILITIES
Equity
Equity Share Capital 1,159.84 1,159.84
Other Equity 1,811.17 2,491.12
Liabilities
Non-Current Liabilities
Financial Liabilities - -
Provisions 57.07 33.34
Current Liabilities
Financial Liabilities
Borrowings 1,009.71 914.74
Trade Payables 231.33 273.37
Other Financial Liabilities 151.56 35.24
Provisions 121.23 35.46
Other Current Liabilities 222.97 175.89
Total Equity and Liabilities 4,764.89 5,119.00
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WALL STREET FINANCE LIMITED AUDITED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March, 2021 CIN : L99999MH1986PLC039660

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(Rs. Lakhs)
For the Year For the Year
Particulars Ended Mar-21 Ended Mar-20
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax (696.15) (73.86)
Adjustment for Non Cash and Non Operating Items
Loss on sale of assets / assets written off 4.44 0.34
Provision for doubtful receivables / losses 110.00 87.60
Depreciation 119.50 81.93
Fair Valuation of Investments (1.00) 1.04
Interest income (85.47) (175.79)
Employee Stock Option Plan Expenses 5.25 1.89
Provision for Employee Expenses (Net of Payment) 1.78 (13.86)
Operating profit before working capital changes (541.64) (90.70)
Adjustment for:
Trade Receivables and Other Current Assets (539.09) 812.21
Inventories 218.01 (82.11)
Trade payables & other liabilities 121.35 (404.46)
Cash generated from operations (741.36) 234.93
Interest paid 48.38 144.88
Direct taxes paid / refund received (net) (20.76) (66.92)
Cash flow before extraordinary items (713.74) 312.90
Net cash from / (used in) operating activities (713.74) 312.90
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets (18.30) (190.68)
Sale of fixed assets 1.54 0.54
Other Bank Balances (Includes Fixed Deposits & Earmarked Funds) 553.42 96.79
Interest Income 85.47 175.79
Net Cash from / (used in) investing activities 622.13 82.44
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from / (Repayment of) bank borrowings / Loan (net) 94.97 (59.92)
Interest Paid (48.38) (144.88)
Dividend Paid (Including DDT) (173.58) (209.26)
Net Cash from / (used in) financing activities (126.98) (414.06)
Net increase / (decrease) in Cash and Cash equivalents ( A+B+C) (218.59) (18.72)
Opening balance of cash and cash equivalents 1,439.61 1,458.34
Closing balance of cash and cash equivalents 1,221.01 1,638.58
Cash & Cash Equivalents as per Balance Sheet 1,221.01 1,638.58
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D T S & Assoc i ates LLP

Chartered Accountants

Independent Auditor's Report On Quarterly and Year to Date Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended.

To

The Board of Directors of

Wall Street Finance Limited

Report on the audit of the Consolidated Financial Results

Opinion

We have audited the accompanying Statement of Consolidated Financial Results of WALL STREET FINANCE LIMITED (the “Company”) and its subsidiary (the Company and its subsidiary together referred to as the “Group”), for the quarter and year ended March 31, 2021 (the “Statement”), attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the “Listing Regulations”).

In our opinion and to the best of our information and according to the explanations given to us, the Statement:

• (i) includes the results of the following subsidiary S Global Insurance Advisory Limited

• (ii) is presented in accordance with the requirements of Regulation 33 of the Listing Regulations; and

• (iii) gives a true and fair view in conformity with Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”) prescribed under Section 133 of the Companies Act 2013 (the “Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India of the consolidated net loss and other comprehensive income and other financial information of the Group for the quarter and year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing (“SA”s) specified under Section 143(10) of the Act. Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Results section of our report. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the “ICAI”) together with the ethical requirements that are relevant to our audit

RE GD. OF FI CE : S UI TE # 13 06 - 13 07, LODH A S UP REM U S, SEN A PA TI BA PA T M A RG , LOWER PA REL, M UM BA I – 40 0 013. PHONE: +91 22 4945 4050 FAX: + 91 22 4945 4010

CORP. OF FI CE: 110 5, RA H E JA CEN TRE, FRE E PRE SS J OURN A L M A RG, N A RI M A N POI N , M UM BA I - 400 0 21. PHONE: +91 22 49 73 2396 WEB: www.dt sa. in

D T S & Assoc i ates LLP C h a r t e r e d A c c o u n t a n t s

of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI’s Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Emphasis of Matter

We draw attention to Note No. 5 of the Financial Results which give the details of steps taken for recovery of Premises Deposits. Despite these steps resulting in some favourable adjudication of the legal case, actual recovery of deposits is yet to fructify.

Our opinion is not modified in respect of this matter.

Management’s Responsibilities for the Consolidated Financial Results

The Statement has been prepared on the basis of the consolidated annual financial statement. The Company’s Board of Directors are responsible for the preparation and presentation of the Statement that give a true and fair view of the consolidated net loss and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in Ind AS 34, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Boards of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the Statement by the Directors of the Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Boards of Directors either intend to liquidate their respective entities or to cease operations, or have no realistic alternative but to do so. The respective Boards of Directors of the companies included in the Group are responsible for overseeing the financial reporting process of the Group.

Continuation Sheet …..

D T S & Assoc i ates LLP C h a r t e r e d A c c o u n t a n t s

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the Statement as a whole, is free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of this Statement.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

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

• Obtain an understanding of internal financial controls relevant to the audit in order to design 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 has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement 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’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

Continuation Sheet …..

D T S & Assoc i ates LLP C h a r t e r e d A c c o u n t a n t s

We communicate with those charged with governance of the Company and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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

Other Matter

The statement includes the results for the quarter ended March 31, 2021 being the balancing figure between the audited figures in respect of the full financial year ended March 31, 2021 and the published unaudited year-to-date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

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For D T S & Assoc i ates LLP
Chartered Accountants
Registration No. 142412W / W100595
T. P. Ostwal
(Partner)
M. No. 030848
Place:
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Date: May 24, 2021

UDIN: 21030848AAAAAZ9766

Continuation Sheet …..

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AUDITED STATEMENT OF ASSETS & LIABILITIES (Rs. In Lakhs)
CONSOLIDATED
PARTICULARS As at 31st As at 31st
March 2021 March 2020
ASSETS
Non-Current Assets
Property, plant and equipment 96.03 114.63
Other Intangible assets 514.14 347.49
Intangible Asset under development - 255.19
Financial assets
Investments 17.50 15.92
Other financial assets 243.28 103.29
Other non-current assets 4.14 1.99
Deferred tax asset (Net) 298.21 115.96
Income tax assets (Net) 321.04 300.32
Current Assets
Inventories 65.00 283.01
Financial Assets
Investments 10.29 10.20
Trade Receivables 781.92 359.08
Cash and Cash Equivalents 1,221.01 1,440.12
Other Bank Balances 736.57 1,290.00
Other financial assets 224.37 225.75
Other Current Assets 231.38 255.93
Total Assets 4,764.89 5,118.88
EQUITY AND LIABILITIES
Equity
Equity Share Capital 1,159.84 1,159.84
Other Equity 1,811.17 2,491.00
- -
Minority Interest
Liabilities
Non-Current Liabilities
Financial Liabilities - -
Provisions 57.07 33.34
Current Liabilities
Financial Liabilities
Borrowings 1,009.71 914.74
Trade Payables 231.33 273.37
Other Financial Liabilities 151.56 35.24
Provisions 121.23 35.46
Other Current Liabilities 222.97 175.89
Total Equity and Liabilities 4,764.89 5,118.88
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WALL STREET FINANCE LIMITED AUDITED CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31st March, 2021 CIN : L99999MH1986PLC039660

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For the Year For the Year
Particulars Ended Mar-21 Ended Mar-20
A. CASH FLOW FROM OPERATING ACTIVITIES
Net profit before tax (696.67) (73.93)
Adjustment for Non Cash and Non Operating Items
Loss on sale of assets / assets written off 4.44 0.34
Loss on doubtful receivables / losses 110.00 87.60
Depreciation 119.50 81.93
Fair Valuation of Investments (1.00) 1.04
Interest income (85.47) (175.79)
Employee Stock Option Plan Expenses 5.25 1.89
Provision for Employee Expenses (Net of Payment) 1.78 (13.86)
Operating profit before working capital changes (542.16) (90.76)
Adjustment for:
Trade Receivables and Other Current Assets (539.09) 812.21
Inventories 218.01 (82.11)
Trade payables & other liabilities 121.35 (404.72)
Cash generated from operations (741.88) 234.62
Interest paid 48.38 144.88
Direct taxes paid / refund received (net) (20.76) (66.92)
Cash flow before extraordinary items (714.26) 312.59
Net cash from / (used in) operating activities (714.26) 312.59
B. CASH FLOW FROM INVESTING ACTIVITIES
Purchase of fixed assets (18.30) (190.68)
Sale of fixed assets 1.54 0.54
Other Bank Balances (Includes Fixed Deposits & Earmarked Funds) 553.42 96.79
Interest Income 85.47 175.79
Net Cash from / (used in) investing activities 622.13 82.44
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from / (Repayment of) bank borrowings / Loan (net) 94.97 (59.92)
Interest Paid (48.38) (144.88)
Dividend Paid (Including DDT) (173.58) (209.26)
Net Cash from / (used in) financing activities (126.98) (414.06)
Net increase/(decrease) in Cash and Cash equivalents (A+B+C) (219.11) (19.04)
Opening balance of cash and cash equivalents 1,440.12 1,459.16
Closing balance of cash and cash equivalents 1,221.01 1,440.12
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Declaration pursuant to Regulation 33 (3)(d) of Listing Regulations, 2015

In compliance of the provisions of Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosures Requirements) Regulations, 2015, we hereby declare that M/s. DTS & Associates, LLP Chartered Accountants, (Firm Registration No. 142412W / W100595), Statutory Auditors of the Company, expressed an unmodified opinion on the Annual Audited Financial Results (Standalone and Consolidated) of the Company for the financial year ended on 31[st] March, 2021.

Yours Faithfully, For Wall Street Finance Limited

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_______ N. Srikrishna Chief Executive Officer and Whole Time Director

Date : 24[th] May, 2021 Place : Mumbai