The Members of
WW TECHNOLOGY HOLDINGS LTD.
Report on the Financial Statements
1. We have audited the accompanying financial statements of W W Technology HoldingsLtd. ("the Company") which comprise the Balance Sheet as at March 31 2017 theStatement of Profit and Loss and the Cash Flow Statement for the year ended 31st March2017 and a Summary of Significant Accounting Policies and other Explanatory information.
Management's Responsibility for the Financial
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 thesefinancial statements that give a true and fair view of the financial position financialperformance and cash flows of the Company in accordance with the accounting principlesgenerally accepted in India including the Accounting Standards specified under Section133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. Thisresponsibility also includes maintenance of adequate accounting records in accordance withthe provisions of the Act for safeguarding the assets of the Company and for preventingand detecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; anddesign implementation and maintenance of adequate internal financial controls that wereoperating effectively for ensuring the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statements thatgive a true and fair view and are free from material misstatement whether due to fraud orerror.
3. Our responsibility is to express an opinion on these financial statements based onour audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the Rules made thereunder. We conducted our audit inaccordance with the Standards on Auditing specified under Section 143(10) of the Act.Those Standards require that we comply with ethical requirements and plan to perform theaudit to obtain reasonable assurance about whether the financial statements are free frommaterial misstatement.
4. An audit involves performing procedures to obtain audit evidence about the amountsand disclosures in the financial statements. The procedures selected depend on theauditor's judgment including the assessment of the risks of material misstatement of thefinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal control relevant to the Company's preparation and fairpresentation of the financial statements in order to design audit procedures that areappropriate in the circumstances.An audit also includes evaluating the appropriateness ofaccounting policies and the reasonableness of the accounting estimates made by themanagement as well as evaluating the overall presentation of the financial statements.
5. We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion.
6. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.
a) In the case of the Balance Sheet of the state of affairs of the Company as at March31 2017.
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.
Report on other Legal and Regulatory Requirements
7. As required by Companies (Auditors Report) Order 2015("the Order") issuedby the Central Government of India in terms of sub-section(ll) of section 143 of the Actwe give in the "AnnexureA" a statement on the matters specified in paragraphs 3and 4 of the Order to the extent applicable.
8. 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.
e) On the basis of written representations received from the directors as on March312017 and taken on record by the Board of Directors none of the directors isdisqualified as on March 312017 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 B" ; 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 information and according to the explanations given to us.
i) The Company does not have any pending litigations which would impact its financialposition in its standalone Ind AS financial statements as of March 31 2017.
ii) The Company has made provisions as required under applicable law or accountingstandards for material foreseeable losses if any and as required on long-term contractsincluding derivative contracts.
iii) There were no amounts which required to be transferred to the investor educationand protection fund by the Company.
iv) The Company has provided requisite disclosures in the standalone Ind AS financialStatements as regards its holding and dealings in Specified Bank Notes as defined in theNotification S.O. 3407(E) dated the 8th November 2016 of the Ministry of Finance duringthe period from 8th November 2016 to 30th December 2016. Based on audit proceduresperformed and the representations provided to us by the Management we report that thedisclosures are in accordance with the books of account maintained by the Company and asproduced to us by the Management.Refer Note 2.19 of Significant Accounting Policies andNotes forming part of accounts as on 31st March 2017.
|Place: Mumbai ||For R Sundaresan Aiyar & Co |
|Date: 26.05.2017 ||Chartered Accountants |
| ||Firm Reg No: 110564W |
| ||R Sundaresan Aiyar |
| ||Proprietor |
| ||M No: 043946 |
ANNEXURE A TO INDEPENDENT AUDITOR'S REPORT
(Referred to in paragraph 7 under Report on Other Legal and
Regulatory requirements section of our Report of even date)
i. The Company has no stock of fixed Assets during the year. Therefore the provisionsof Clause 3(i) of the order are not applicable.
ii. The Company has no inventory during the year as it is service company. Henceprovisions of clause 3(ii) of the Order are not applicable.
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 Act2013.
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 duringthe year within the meaning ofSections 73 to 76 of the Act.
vi. According to information and explanation give to us the provisions of clause 3(vi)of the order are not applicable to the Company as the respective entities are not coveredby 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 2017 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 2017 for aperiod of more than six months from the date they became 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.
|Place: Mumbai ||For R Sundaresan Aiyar & Co |
|Date: 26.05.2017 ||Firm Reg |
| ||No: 110564W |
|Chartered Accountants ||R Sundaresan Aiyar |
| ||Proprietor |
| ||M No: 043946 |