You are here » Home » Companies » Company Overview » WW Technology Holdings Ltd

WW Technology Holdings Ltd.

BSE: 505583 Sector: Financials
NSE: N.A. ISIN Code: INE972M01017
BSE 05:30 | 01 Jan WW Technology Holdings Ltd
NSE 05:30 | 01 Jan WW Technology Holdings Ltd

WW Technology Holdings Ltd. (WWTECHNHD) - Auditors Report

Company auditors report

To

The Members of

WW TECHNOLOGY HOLDINGS LTD.

MUMBAI.

Report on the Standalone Ind AS Financial Statements

1. We have audited the accompanying Standalone IND AS financial statements of WWTechnology Holdings Ltd ("the Company") which comprise the Balance Sheet as atMarch 31 2019 the Statement of Profit and Loss (including other comprehensiveincome)the statement of Cash Flow and the Statement of Changes in Equity for the yearthen ended and a summary of significant accounting policies and other explanatoryinformation.

Management's Responsibility for the Financial Statements

2. The Company's Management is responsible for the matters stated in Section 134(5) ofthe Companies Act 2013("the Act") with respect to the preparation of theseStandalone Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014 and the companies (Indian Accounting Standards) Rules2015as amended and theaccounting principles generally accepted in India.

This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the Standalone IndAS financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditors Responsibility

3. Our responsibility is to express an opinion on these financial statements based onour audit. In conducting our audit we have taken into account the provisions of the Actthe accounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made there under and the Orderissued under Section 143(11) of the Act.

We conducted our audit of the Standalone Financial Statement in accordance with theStandards on Auditing specified under Section 143(10) of the Act. Those Standards requirethat we comply with ethical requirements and plan to perform the audit to obtainreasonable assurance about whether the Standalone financial statements are free frommaterial misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the Standalone Ind AS financial statements. The procedures selecteddepend on the auditor's judgment including the assessment of the risks of materialmisstatement of the Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal control relevant to the Company'spreparation and fair presentation of the financial statements in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies and the reasonableness of the accountingestimates made by the management as well as evaluating the overall presentation of theStandalone Ind AS financial statements.

5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Standalone Ind AS financial statements.

Opinion

6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Ind AS financial statements give the informationrequired by the Act in the manner so required and give a true and fair view in conformitywith the accounting principles generally accepted in India including the Ind AS

a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2019.

b) In the case of the Statement of Profit and Loss of the profit for the year ended onthat date.

c) In the case of the Cash Flow Statement of the cash flows for the year ended on thatdate.

d) In the case of the changes in the equity for the year ended on that date.

Report on other Legal and Regulatory Requirements

7. As required by section 143(3) of the Act we report that :

a) We have obtained all the information and explanations which to the best of ourknowledge 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 appears from our examination of those books;

c) The Balance Sheet Statement of Profit and Loss and the Cash Flow Statement dealtwith by this Report are in agreement with the books of account;

d) In our opinion the Balance Sheet and Statement of Profit and Loss comply with theAccounting Standards specified under section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014 and the Companies (Indian Accounting Standards) Rules2015 as amended.

e) On the basis of written representations received from the directors as on March312019 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312019 from being appointed as a director in terms section164(2) of the Companies Act 2013

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". Our report expresses an unmodified on theadequacy and operating effectiveness of the company's internal financial controls overfinancial reporting.

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 information and according to the explanations given to us.

i) The Company has no pending litigations on its financial position in its StandaloneInd AS financial statements as of March 31 2019.

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

iii) The Company has not declared any Dividend during the year and hence the questionof transferring funds to the Investor Education and Protection Fund by the Company doesnot arise.

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT OF EVEN DATE ON THE FINANCIAL STATEMENTSOF WW TECHNOLOGY HOLDING LIMITED

[Referred to in paragraph1(f) under 'Report on Other Legal and Regulatory Requirements'in the Independent Auditors' Report]

Report on the Internal Financial Controls under Clause(i) of sub-section 3 of Section143 of the Companies Act 2013(''the Act") as referred to in paragraph 5(ii)(f) ofthe independent Auditor's Report of even date to the members of the WW Technology HoldingsLtd on the standalone financial statements for the year ended 31st March2019.

We have audited the internal financial controls over financial reporting of WWTechnology Holdings Ltd ("the Company") as of 31st March 2019 in conjunctionwith our audit of the standalone Ind AS financial statements of the Company for the yearended on 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 ('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.

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 error.

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 of records that in reasonable detail 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 that receipts and expenditures of the company are being made only inaccordance with authorizations of management and directors of the company; and (3) providereasonable assurance regarding prevention or timely detection of unauthorized acquisitionuse or disposition of the company's assets that could have a material effect on thefinancial 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.

ANNEXURE B TO INDEPENDENT AUDITOR'S REPORT

(Referred to in paragraph under Report on Other Legal and Regulatory requirementssection of our Report of even date)

i. The Company has no stock of fixed Assets during the year. Hence this clause is notapplicable and as such there are no comments on sub clauses (a) and (b).

ii. The Company has no inventory during the year as it is service company. Hence thisclause is not applicable and as such there are no comments on sub clauses (a) to (c).

iii. In our opinion and according to the information and explanations given to us theCompany has neither granted nor taken any Loan secured or unsecured to or fromCompanies Firms or other parties covered in the register maintained under Section 189 ofthe Companies Act 2013 .

iv. In our opinion and according to the information and explanations given to us theCompany has complied with the provisions Section 185 and 186 of the Act with respect tothe loans/guarantees given and investments made.

v. In our opinion and according to the information and explanations given to us theCompany has not accepted deposits from the public during the year within the meaning ofSections 73 to 76 of the Act.

vi. The provisions of clause 3(vi) of the order are not applicable to the Company asthe respective entities are not covered by the Companies (Cost Records and Audit)Rules2014.

vii. (a) In our opinion and according to the information and explanations given to usthe Company is generally regular in depositing undisputed statutory dues includingprovident fund investor education and protection fund employees' State insuranceIncome-Tax Sales Tax Wealth-Tax Customs Duty Excise Duty cess and other statutorydues if any with the appropriate authorities as at 31st March 2019 for a period of morethan six months from the date they become payable.

(b) As explained to us there are no undisputed dues relating to income tax customsduty wealth tax and cess which have not been deposited as at 31st March 2019 for aperiod of more than six months from the date they become payable.

viii. According to the records of the Company examined by us and the information andexplanations given to us the Company has not defaulted in repayment of loans orborrowings to financial institutions or banks. The Company does not have any loans fromGovernment and has not issued any debentures during the year.

ix. In our opinion and according to the information and explanations given to us theCompany has not raised any money by way of initial public offer or further public offer(including debt instruments) and term loans raised during the year have been applied forthe purposes for which they were raised.

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 we have neither come across anyinstance of material fraud by the Company or on the Company by its officers or employeesnoticed or reported during the year nor have been informed of any such case by theManagement.

xi. According to the records of the Company examined by us and information andexplanations given to us the Company has paid/provided for managerial remuneration inaccordance with the requisite approvals mandated by the provisions of Section 197 readwith Schedule V to the Act.

xii. In our opinion and According to the information and explanations given to us theCompany is not a Nidhi Company and the Nidhi Rules2014 are not applicable to it.

xiii. According to the information and explanations given to us and based on ourexamination of the records of the Company transactions with the related parties are incompliance with Sections 177 and 188 of the Act and details of such transactions have beendisclosed in the financial statements as required by the applicable accounting standards.

xiv. According to the records of the Company examined by us and information andexplanations given to us the Company has not made any preferential allotment or privateplacement of shares or fully or partly convertible debentures during the year.

xv. According to the records of the Company examined by us and information andexplanations given to us the Company has not entered into non-cash transactions withdirectors or persons connected with him.

xvi. The Company is not registered under Section 45-IA of the Reserve Bank of IndiaAct1934.

For Apraj& Associates
Chartered Accountants
Firm Reg No: 140355W
CA Prashant Apraj
Partner
M No: 133986
Place: Mumbai
Date: 17.05.2019