reading file in unix

In a file (testfile.lst) I have the contents as:

Wf : S1 : D1
#Wf2 : S2 : d2
Wf3 : S3 : D3
Wf4 : S4 : d4

using looping in unix i want to read the contents where it does not begin with hash.

I want to obtain the output as

Wf is S1 and D1;
Wf3 is S3 and D3;
Wf4 is S4 and d4;

provide me with a shell scipt to do this

Kind Regards
P