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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

Report on the Financial Statements

We have audited the accompanying financial statements of WW TECHNOLOGY HOLDINGS LIMITED("the Company")which comprise the Balance Sheet as at 31 March 2020 theStatement of Profit and Loss(Including other comprehensive Income) the Cash FlowStatement and the statement of changes in Equity for the year then ended and a summary ofsignificant accounting policies and other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters 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 state of affairs (financialposition) Profit or loss (financial Performance including other comprehensive income)change in equity and cash flows of the Company in accordance with the accountingprinciples generally accepted in India including the Indian Accounting Standards ('IndAS') the financial position financial performance and cash flows of the Company inaccordance with the accounting principles generally accepted in India including theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014. This responsibility also includes the maintenance ofadequate accounting records in accordance with the provision of the Act for safeguardingof the assets of the Company and for preventing and detecting the frauds and otherirregularities; selection and application of appropriate accounting policies; makingjudgments and estimates that are reasonable and prudent; and design implementation andmaintenance of internal financial control that were operating effectively for ensuringthe accuracy and completeness of the accounting records relevant to the preparation andpresentation of the financial statements that give a true and fair view and are free frommaterial misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit.

We have taken into account the provisions of the Act

the accounting and auditing standards and matters which are required to be included inthe audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing specified undersection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error. In making those risk assessments the auditorconsiders internal financial control relevant to the Company's preparation of thefinancial statements that give true and fair view in order to design audit procedures thatare appropriate in the circumstances. An audit also includes evaluating theappropriateness of accounting policies used and the reasonableness of the accountingestimates made by Company's Directors as well as evaluating the overall presentation ofthe financial statements.

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

Opinion

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 including Ind. AS specified under section 133 ofthe Act of the state of affairs(financial position) of the company as at 31st March 2020and its profit and loss A/c (financial performance including other comprehensiveIncome)its cash flow and the changes in equity for the year ended on that date.

Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in

our audit of the financial statements of the current period. These matters wereaddressed in the context of our audit of the Ind AS financial statements as a whole andin forming our opinion thereon and we do not provide a separate opinion on these matters.

We have determined the matters described below the key audit matter to be communicatedin our report. We have fulfilled the responsibilities described in auditor'sresponsibilities for the audit of Ind AS section of our report including relation tothese matters.

According to explanation and information given to us and as per audit performed by uson books and records available with us it is found that company has mainly earn interestincome only from a customer.

Report on other Legal and Regulatory Requirements

1. As required by the Companies (Auditor's Report) Order 2016 ('the Order') issued bythe Central Government of India in terms of sub section (11) of section 143 of the Act wegive in the 'Annexure A' statement on the matters specified in the paragraph 3 and 4 ofthe Order to the extent applicable.

2. 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 purposes 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 the Statement of Profit and Loss

and Cash Flow Statement dealt with by this Report are in agreement with the books ofaccount.

d) In our opinion the Balance Sheet Statement of Profit and Loss and Cash FlowStatement comply with the Accounting Standards referred to in section 133 of the CompaniesAct 2013 read with rule 7 of the Companies (Accounts) Rules 2014.

e) On the basis of written representations received from the directors as on 31 March2020 taken on record by the Board of Directors none of the directors is disqualified ason 31 March 2020 from being appointed as a director in terms of Section 164(2) of theAct.

f) With respect to the adequacy of the internal

financial control over financial reporting of the Company and the operatingeffectiveness of such controls refer to our separate report in 'Annexure B'; and

g) With respect to the other matters included in the Auditor's Report and to our bestof our information and according to the explanations given to us:

i. The Company has disclosed the impact of pending litigations on its financialposition in its financial statements;

ii. The Company does not have any long-term contracts including derivatives contractsfor which any provision is required;

iii. The Company is not required to transfer any amount to the Investor Education andProtection Fund.

For Agrawal Jain and Gupta

Chartered Accountants

Firm Reg. No. 013538C

CA Narayan Swami

PARTNER

Membership No. 409759

Place: Mumbai

Dated:27.06.2020

ANNEXURE A TO THE INDEPENDENT AUDITORS' REPORT [Referred to in paragraph 6 (i) of ourreport of even date]

i. a) According to information and explanation given

to us and record examined by us Company has not stock of fixed assets during the yeartherefore clause (i)(a) not applicable to company.

(b) Company have not Stock of fixed assets hence therefore clause (i)(b) Physicalverification of fixed assets not applicable to the company.

(c) The company does not disposed-off substantial part of fixed assets during the year.

ii. According to the information & explanation given to us the Company does nothave any inventory and hence paragraph 3(ii) of the order is not applicable.

iii. In our opinion and according to information and explanation given to us the TheCompany has not granted any loans secured or unsecured to Companies firms limitedliability Partnership or other parties covered in the register maintained under section189 of the Companies Act 2013 ('the Act'). Accordingly the Provisions of clause 3 (iii)(a) to (c) of the order are not applicable to the company and not commented upon.

iv. In our opinion and according to the information and explanations given to usprovisions of section 186 of the Act in respect of loans and advances given investmentsmade and guarantees given has been complied with by the Company. The provisions ofsection 185 in respect of loans to directors including entities in which they areinterested and provisions of section 186 with respect to securities given are notapplicable to the Company and hence not commented upon.

v. According to Information and explanation given to us the Company has not acceptedany deposits within the meaning of Sections 73 to 76 of the Act and the Companies(Acceptance of Deposits) Rules 2014 (as amended). Accordingly the provisions of clause3(v) of the Order are not applicable.

vi. The company does not qualify the prescribed criteria as specified in Companies(Cost Records and Audit) Rules 2014 and therefore is not required to maintain the costrecords as prescribed under Section 148 (1) of the Act. Hence paragraph 3 (vi) of theorder is not applicable.

vii. In respect of statutory dues:

(a) According to the information and explanation given to us and records examined byus the

company is regular in depositing undisputed statutory dues including provident fundemployees' state insurance income-tax sales- tax service tax duty of customs duty ofexcise value added tax Cess and any other statutory dues to the appropriate authorities.According to the information and explanation given to us there were no undisputed amountspayable in respect of Income Tax and any other statutory dues outstanding as on 31stMarch 2020 for a period more than six months from the date they became payable.

(b) According to the information and explanations given to us the company doesn't haveany disputed dues as on 31-03-2020 and hence paragraph 3 (vii) (b) of the Order is notapplicable.

viii. According to records of the company examined by us and the information andexplanations given to us there are no loans or borrowings from any financial institutionbanks government or debenture holders and therefore paragraph 3(viii) of the Order is notapplicable.

ix. According to records of the company examined by us and the information andexplanations given to us the Company did not raise any money by way of initial publicoffer or further public offer (including debt instruments) or by way term loan and henceparagraph 3(ix) of the order is not applicable.

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 neither come across anyinstances 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 of such case by themanagement.

xi. According to the information and explanation given to us and based on ourexamination of the records of the company the company has paid for managerialremuneration in accordance with the requisite approvals as mandated by the provisions ofsection 197 read with Schedule V to the Companies Act 2013.

xii. In our opinion and according to the information and explanations given to us theCompany is not a Nidhi

company. Accordingly paragraph 3(xii) of the Order is not applicable.

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 where applicable and details of suchtransactions have been disclosed in the financial statements as required by the applicableaccounting standards.

xiv. According to the information and explanations give to us and based on ourexamination of the records during the year the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures.Accordingly paragraph 3 (xiv) of the order is not applicable.

xv. According to the information and explanations given to us and based on ourexamination of the records during the year the Company has not entered into non-cashtransactions with directors or persons connected with him. Accordingly paragraph 3(xv) ofthe Order is not applicable.

xvi. To the best of our knowledge and according to the information and explanationsgiven to us the company has not required to registered under section 45-IA of the ReserveBank of India Act 1934

For Agrawal Jain and Gupta Chartered Accountants Firm Registration No.: 013538C

(Narayan Swami)
Partner
M.NO: 409759
Place: Mumbai
Date: 27th June 2020

ANNEXURE - B TO THE INDEPENDENT AUDITORS' REPORT [Referred to in paragraph 6 (ii) (f)of our report of even date]

Report on the Internal Financial Controls Over Financials Reporting under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ("the Act") of WWTECHNOLOGY HOLDINGS LIMITED

We have audited the internal financial controls over financial reporting of WWTECHNOLOGY HOLDINGS LIMITED ("the Company") as of March 31 2020 in conjunctionit's our audit of the financial statements of the Company for the year ended and as at onthat 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 ('the Guidance Note'). Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company's policies the safeguarding ofits assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required 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 and the Standards on Auditing prescribed under section 143(10) ofthe Companies Act 2013 to the extent applicable to an audit of internal financialcontrols. The Guidance Note and those Standards 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 included obtaining an understanding of internal financial controlsover financial reporting assessing the risk that a material weakness exists and testingand evaluating the design and operating effectiveness of internal control based on theassessed risk. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the financial statements whether dueto 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) Provide reasonable assurance regarding prevention

or timely detection of unauthorized acquisition use or disposition of the company'sassets that could have a material effect on the financial 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 controlsover financial reporting to future periods are subject to the risk that the internalfinancial control over financial reporting may become inadequate because of changes inconditions or that the degree of compliance with the policies or procedures maydeteriorate.

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 March 31 2020 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note.

For Agrawal Jain and Gupta Chartered Accountants Firm Registration No.: 013538C

(Narayan Swami)

Partner M.NO: 409759

Place : Mumbai Date : 27th June 2020

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