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Wardwizard Innovations & Mobility Ltd.

BSE: 538970 Sector: Infrastructure
NSE: N.A. ISIN Code: INE945P01024
BSE 00:00 | 06 Dec 70.90 -0.25
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NSE 05:30 | 01 Jan Wardwizard Innovations & Mobility Ltd
OPEN 72.00
PREVIOUS CLOSE 71.15
VOLUME 1719170
52-Week high 98.00
52-Week low 40.38
P/E 472.67
Mkt Cap.(Rs cr) 1,818
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 72.00
CLOSE 71.15
VOLUME 1719170
52-Week high 98.00
52-Week low 40.38
P/E 472.67
Mkt Cap.(Rs cr) 1,818
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Wardwizard Innovations & Mobility Ltd. (WARDWIZARDINNO) - Auditors Report

Company auditors report

TO THE MEMBERS OF

WARDWIZARD INNOVATIONS & MOBILITY LIMITED

(Formerly Known as Manvijay Development company Ltd)

I. Report on the Audit of the Standalone Financial Statements

1. Opinion

A. We have audited the accompanying Standalone Financial Statements of WARDWIZARDINNOVATIONS & MOBILITY LIMITED ( Formerly Known as Manvijay Development Company Ltd)("the Company") which comprise the Balance Sheet as at March 312021 theStatement of Profit and Loss (including Other Comprehensive Income) the Statement ofChanges in Equity and the Statement of Cash Flows for the year ended on that date and asummary of the significant accounting policies and other explanatory information(hereinafter referred to as "the Standalone Financial Statements").

B. In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid Standalone Financial Statements give the information requiredby the Companies Act 2013 ("the Act") in the manner so required and give a trueand fair view in conformity with the Indian Accounting Standards prescribed under section133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015 asamended ("Ind AS") and other accounting principles generally accepted in Indiaof the state of affairs of the Company as at March 31 2021 the profit and totalcomprehensive income changes in equity and its cash flows for the year ended on that date

2. Basis for Opinion

We conducted our audit of the Standalone Financial Statements in accordance with theStandards on Auditing specified under section 143(10) of the Act (SAs). Ourresponsibilities under those Standards are further described in the Auditor'sResponsibilities for the Audit of the Standalone Financial Statements section of ourreport. We are independent of the Company in accordance with the Code of Ethics issued bythe Institute of Chartered Accountants of India (ICAI) together with the independencerequirements that are relevant to our audit of the financial statements under theprovisions of the Act and the Rules made thereunder and we have fulfilled our otherethical responsibilities in accordance with these requirements and the ICAI's Code ofEthics. We believe that the audit evidence we have obtained is sufficient and appropriateto provide a basis for our audit opinion on the Standalone Financial Statements.

3. Emphasis of Matter

We draw your attention to the "Statement of changes in Equity" Notes: No 1Company Overview No 36 impact of "COVID 19" of the accompanying financials ofthe company.

4. Key Audit Matters

Key audit matters are those matters that in our professional judgment were of mostsignificance in our audit of the Standalone Financial Statements of the current period.These matters were addressed in the context of our audit of the Standalone FinancialStatements as a whole and in forming our opinion thereon and we do not provide aseparate opinion on these matters. We have determined the matters described below to bethe key audit matters to be communicated in our report.

KEY AUDIT MATTER HOW THE MATTER WAS ADDRESSED IN OUR AUDIT
1. Issue of equity share warrants on preferential basis and this resulted in compliances with respective authorities. As per statement of Equity Change. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence:
• Discussion and review with the compliance team of the management to generate confidence in compliances and transparency of the action undertaken.
• Obtaining assurances and certifications for fulfilling of necessary procedures to comply with the change in business activity and model.
• Verification of Bank Entries for timely receipts and compliances and regulatory fillings.
2. The Company had commenced the project of setting up of a new manufacturing plant at Ajwa Road Baroda in the state of Gujarat. During the year the Company has capitalized property plant and equipment amounting to 15.45 crore. Commercial production from such capitalized property plant and equipment commenced from February 2021. In view of the significance of the matter we applied the following audit procedures in this area among others to obtain sufficient appropriate audit evidence: • assessed the appropriateness of the accounting policy for property plant and equipment as per the relevant accounting standard;
With regard to the capitalisation management evaluates the costs incurred and applies judgement to identify costs that are eligible on a sample basis we;
for capitalisation and consequent allocation to specific class of property plant and equipment. Judgement is also involved in determining when the plant/portion of the plant is ready for use • inspected the approvals for the costs incurred; • matched direct and indirect costs capitalized with underlying supporting documents to ascertain the nature of costs;
as intended by the management and qualifies for capitalization identified the capitalization of costs incurred for construction of Baroda plant as key audit matter due to the significance of the capital expenditure risk of inappropriate timing of capitalization and risk that the elements of costs are inappropriately capitalized or classified in accordance with the relevant standard. • evaluated whether the costs incurred meet the criteria for capitalization in accordance with the relevant standard;
• evaluated other costs debited to Statement of Profit and Loss to ascertain whether these should have been capitalized;

5. Information Other than the Standalone Financial Statements and Auditor's Report

Thereon

A. The Company's Board of Directors is responsible for the preparation of the otherinformation. The other information comprises the information included in the ManagementDiscussion and Analysis Board's Report including Annexures to Board's Report BusinessResponsibility Report Corporate Governance and Shareholder's Information but does notinclude the Standalone Financial Statements and our auditor's report thereon. Our opinionon the standalone financial statements does not cover the other information and we do notexpress any form of assurance conclusion thereon

B. In connection with our audit of the financial statements our responsibility is toread the other information and in doing so consider whether the other information ismaterially inconsistent with the standalone Financial Statements or our knowledge obtainedduring the course of our audit or otherwise appears to be materially misstated. If basedon the work we have performed we conclude that there is a material misstatement of thisother information; we are required to report that fact. We have nothing to report in thisregard.

6. Management's Responsibility for the Standalone Financial Statements

A. The Company's Board of Directors is responsible for the matters stated in section134(5) of the Act with respect to the preparation of these Standalone Financial Statementsthat give a true and fair view of the financial position financial performance totalcomprehensive income changes in equity and cash flows of the Company in accordance withthe Ind AS and other accounting principles generally accepted in India.This responsibilityalso includes maintenance of adequate accounting records in accordance with the provisionsof the Act for safeguarding the assets of the Company and for preventing and detectingfrauds and other irregularities; selection and application of appropriate accountingpolicies; making judgments and estimates that are reasonable and prudent; and designimplementation 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 standalone financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

B. In preparing the Standalone Financial Statements management is responsible forassessing the Company's ability to continue as a going concern disclosing as applicablematters related to going concern and using the going concern basis of accounting unlessmanagement either intends to liquidate the Company or to cease operations or has norealistic alternative but to do so.

The Board of Directors are responsible for overseeing the Company's financial reportingprocess.

7. Auditor's Responsibilities for the Audit of the Standalone Financial Statements

A. Our objectives are to obtain reasonable assurance about whether the StandaloneFinancial Statements as a whole are free from material misstatement whether due to fraudor error and to issue an auditor's report that includes our opinion. Reasonable assuranceis a high level of assurance but is not a guarantee that an audit conducted in accordancewith SAs will always detect a material misstatement when it exists. Misstatements canarise from fraud or error and are considered material if individually or in theaggregate they could reasonably be expected to influence the economic decisions of userstaken on the basis of these Standalone Financial Statements.

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

i) Identify and assess the risks of material misstatement of the standalone financialstatements whether due to fraud or error design and perform audit procedures responsiveto those risks and obtain audit evidence that is sufficient and appropriate to provide abasis for our opinion. The risk of not detecting a material misstatement resulting fromfraud is higher than for one resulting from error as fraud may involve collusionforgery intentional omissions misrepresentations or the override of internal control.

ii) Obtain an understanding of internal financial controls relevant to the audit inorder to design audit procedures that are appropriate in the circumstances. Under section143(3)(i) of the Act we are also responsible for expressing our opinion on whether theCompany has adequate internal financial controls with reference to financial statements inplace and the operating effectiveness of such controls

ii) Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management

iv Conclude on the appropriateness of management's use of the going concern basis ofaccounting and based on the audit evidence obtained whether a material uncertaintyexists related to events or conditions that may cast significant doubt on the Company'sability to continue as a going concern. If we conclude that a material uncertainty existswe are required to draw attention in our auditor's report to the related disclosures inthe Standalone Financial Statements or if such disclosures are inadequate to modify ouropinion. Our conclusions are based on the audit evidence obtained up to the date of ourauditor's report. However future events or conditions may cause the Company to cease tocontinue as a going concern

v) Evaluate the overall presentation structure and content of the Standalone FinancialStatements including the disclosures and whether the Standalone Financial Statementsrepresent the underlying transactions and events in a manner that achieves fairpresentation

C. Materiality is the magnitude of misstatements in the Standalone Financial Statementsthat individually or in aggregate makes it probable that the economic decisions of areasonably knowledgeable user of the Standalone Financial Statements may be influenced. Weconsider quantitative materiality and qualitative factors in

i) planning the scope of our audit work and in evaluating the results of our work; and

ii) to evaluate the effect of any identified misstatements in the Standalone FinancialStatements.

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

E. We also provide those charged with governance with a statement that we have compliedwith relevant ethical requirements regarding independence and to communicate with themall relationships and other matters that may reasonably be thought to bear on ourindependence and where applicable related safeguards.

F. From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the Standalone Financial Statementsof the current period and are therefore the key audit matters. We describe these mattersin our auditor's report unless law or regulation precludes public disclosure about thematter or when in extremely rare circumstances we determine that a matter should not becommunicated in our report because the adverse consequences of doing so would reasonablybe expected to outweigh the public interest benefits of such communication

8. Other Matters

- Your attention is invited to note 5 in Property Plant & Equipment.

- The Company during the year has disposed-off its sole the Subsidiary Company; refernote 6. Hence for the full Financial Year ending 31 March 2021 the company has adoptedonly standalone financial results.

- Your attention is invited to note 36 which explain the uncertainty due to COVID. Dueto this our attendance at physical inventory verification exercise done by managementwhich we could not attend under the Lockdown restriction and we have relied on alternateaudit procedures to obtain confidence of the Inventory reported.

Our opinion is not modified in respect to the above.

II. Report on Other Legal and Regulatory Requirements

1. As required by Section 143(3) of the Act based on our audit 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 it appears from our examination of those books.

C. The Balance Sheet the Statement of Profit and Loss including Other ComprehensiveIncome Statement of Changes in Equity and the Statement of Cash Flow dealt with by thisReport are in agreement with the relevant books of account

D. In our opinion the aforesaid standalone financial statements comply with the Ind ASspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules2014

E. On the basis of the written representations received from the directors as on March31 2021 taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2021 from being appointed as a director in terms of Section 164 (2) of theAct.

F. With respect to the adequacy of the internal financial controls with reference tofinancial statements of the Company and the operating effectiveness of such controlsrefer to our separate Report in "Annexure A". Our report expresses an unmodifiedopinion on the adequacy and operating effectiveness of the Company's internal financialcontrols with reference to financial statements.

G. With respect to the other matters to be included in the Auditor's Report inaccordance with the requirements of section 197(16) of the Act as amended:

In our opinion and to the best of our information and according to the explanationsgiven to us the remuneration paid by the Company to its directors during the year is inaccordance with the provisions of section 197 of the Act.

H. 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 as amended inour opinion and to the best of our information and according to the explanations given tous:

i) The Company has disclosed the impact of pending litigations on its financialposition in its Standalone Financial Statements

ii) The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses if any on long-term contracts includingderivative contracts

iii) There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company.

2. As required by the Companies (Auditor's Report) Order 2016 ("the Order")issued by the Central Government in terms of Section 143(11) of the Act we give in"Annexure B" a statement on the matters specified in paragraphs 3 and 4 of theOrder.

For VCA & Associates
Chartered Accountants
FRN: 114414W
Sd/-
RUTVIJ VIRENDRA VYAS
Partner
Date: May 11 2021 M. No:109191
Place: Vadodara UDIN: 21109191AAAADI8332

ANNEXURE - A TO THE AUDITORS' REPORT

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of WARDWIZARDINNOVATIONS & MOBILITY LIMITED. (Formerly known as Manvijay Development Company Ltd)("The Company") as of 31 March 2021 in conjunction with our audit of thefinancial statements of the Company for the year ended 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) provide reasonable assurance regarding prevention or timely detection ofunauthorized acquisition use or disposition of the company's assets that could have amaterial 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 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 with reference to financial statements and such internalfinancial controls with reference to financial statements were operating effective as atMarch 31 2021 based on internal control over financial reporting criteria established bythe Company considering the essential components of Internal control stated in theGuidance Note on Audit of Internal Financial Controls over Financial Reporting issued bythe Institute of Chartered Accountants of India.

We have considered the opinion reported above in determining the nature timing andextent of audit tests applied in our audit of the financial statements of the Company andthe above opinion does not affect our opinion on the financial statements of the company.

For VCA & Associates
Chartered Accountants
FRN: 114414W
Sd/-
RUTVIJ VIRENDRA VYAS
Partner
Date: May 112021 M. No: 109191
Place: Vadodara UDIN: 21109191AAAADI8332

ANNEXURE B TO THE AUDITORS’ REPORT

The Annexure referred to in our report to the members of WARDWIZARD INNOVATIONS &MOBILITY LIMITED (formerly known as Manvijay Development Company Ltd) for the year ended31st March 2021.

On the basis of the information and explanation given to us during the course of ouraudit we report that:

1. (a) The company is in process of maintaining Fixed asset register due to ongoingcapitalization and

in format includes quantitative details and situation of its fixed assets.

(b) These fixed assets have been physically verified by the management at reasonableintervals there was no Material discrepancies were noticed on such verification.

(c) Total Assets of company includes Immovable property also and the title deeds ofimmovable properties are held in the name of the company except one where in the processis under way as disclosed in note 5 - of Property Plant and Machinery.

2. Physical verification of inventory has been conducted by the management and therewere no material discrepancies noticed.

3. The company has not granted loans secured or unsecured to companies firms LimitedLiability Partnerships or other parties covered in the register maintained under section189 of the Companies Act 2013.

(a) All terms and conditions are as per the benefits of company and are not prejudicialto the company's Interest.

(b) Schedule of repayment of principal and interest has been stipulated and receiptsare regular.

(c) There is no such amount which is overdue more than 90 Days of above-mentioned loan.

4. In respect of loans investments guarantees and security all mandatory provisionsof section 185 and 186 of the Companies Act 2013 have been complied with.

5. The company has not accepted any deposits.

6. Maintenance of cost records has not been specified by the Central Government undersub-section (1) of section 148 of the Companies Act 2013.

7 (a) The company is regular in depositing undisputed statutory dues includingprovident fund

Employee's state insurance income-tax sales-tax service tax duty of customs dutyof excise value added tax cess and any other statutory dues to the appropriateauthorities.

(b) Dues of income tax or sales tax or service tax or duty of customs or duty of exciseor value added tax have been deposited on time there is no dispute is pending on the partof company.

8. The company hasn't made any default in repayment of loans or borrowing to afinancial institution bank Government or dues to debenture holders.

9. The company has not raised money by way of initial public offer during the year forthe object of the company.

10. Neither company has done any fraud nor by its officers or employees so nothing tobe disclosed separately.

11. Managerial remuneration has been paid or provided in accordance with the requisiteapprovals Mandated by the provisions of section 197 read with Schedule V to the CompaniesAct.

12. Company is not a Nidhi Company hence nothing to be disclosed for any provisionsapplicable on Nidhi Company.

13. All transactions with the related parties are in compliance with sections 177 and188 of Companies Act 2013 where applicable and the details have been disclosed in theFinancial Statements etc. as required by the applicable accounting standards;

14. The company has made preferential allotment of shares during the year and hascomplied to the requirements of the relevant section and the funds have been utilized forthe purpose of funds raised for the same refer to note 14 on Equity share capital in theannual accounts.

15. The company hasn't entered into any non-cash transactions with directors or personsconnected with him.

16. The company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.

For VCA & Associates
Chartered Accountants
FRN: 114414W
Sd/-
RUTVIJ VIRENDRA VYAS
Partner
Date: May 11 2021 M. No: 109191
Place: Vadodara UDIN: 21109191AAAADI8332

.