To the Members of We Win Limited
(formerly Surevin BPO Services Limited)
Report on the Audit of the Standalone Financial Statements
1. We have audited the accompanying standalone financial statements of We WinLimited (formerly Surevin BPO Services Limited) (hereinafter referred to as theCompany) which comprise the Balance Sheet as at 31st March 2021 the statement ofProfit & Loss and the Cash Flows statement for the year then ended alongwith notes tothe financial statements including a summary of significant accounting policies(hereinafter referred to as the financial statements).
2. In our opinion and to the best of our information and according to theexplanations given to us the aforesaid standalone financial statements give theinformation required by the Companies Act 2013 (the Act) in the manner sorequired and give a true and fair view in conformity with the accounting principlesgenerally accepted in India of the state of affairs of the Company as at March 31 2021of its Profit and its Cash Flows for the year then ended.
Basis for Opinion
3. We conducted our audit in accordance with the Standards on Auditing (SAs)specified under section 143(10) of the Companies Act 2013. Our responsibilities underthose Standards are further described in the Auditors Responsibilities for the Auditof the Financial Statements section of our report. We are independent of the group inaccordance with the Code of Ethics issued by the Institute of Chartered Accountants ofIndia together with the ethical requirements that are relevant to our audit of thefinancial statements under the provisions of the Companies Act 2013 and the Rules madethereunder and we have fulfilled our other ethical responsibilities in accordance withthese requirements and the Code of Ethics. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion.
Key Audit Matters
4. Key audit matters are those matters that in our professional judgment wereof most significance in our audit of the financial statements of the current period. Thesematters were addressed in the context of our audit of the financial statements as a wholeand in forming our opinion thereon and we do not provide a separate opinion on thesematters.
|Key Audit Matter ||Auditors Response |
|1. Accuracy of recognition measurement presentation and disclosures of revenues and related receivables. ||Principal Audit Procedures |
| ||We assessed the Companys process to identify the impact of penalty on the retention amount with the client which formed a substantial portion of the receivables from the client. We tested the design and operating effectiveness of the internal controls and substantive testing. |
| ||We evaluated process relating to identification of the distinct performance obligations and their compliance to ascertain the impact of on the Retention Money held back by the client. |
| ||We selected a sample of contracts and identified the distinct performance obligations in these contracts to assess the impact on receivables and the receivables recognized during the year. We reviewed invoicing and historical trend of collections and disputes to assess the impact on receivables. |
Responsibilities of Management and those charged with Governance for the FinancialStatements
5. The Companys Board of Directors is responsible for the matters statedin section 134(5) of the Companies Act 2013 (the Act) with respect to thepreparation of these standalone financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the company in accordancewith the accounting principles generally accepted in India including the accountingStandards specified under section 133 of the Act. The Board of Directors of the Company isalso responsible for maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the company and for preventing anddetecting frauds and other irregularities; selection and application of appropriateaccounting policies; making judgments and estimates that are reasonable and prudent; andthe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the financial statement that givea true and fair view and are free from material misstatement whether due to fraud orerror which have been used for the purpose of presentation of the Financial Statements bythe directors of the company as aforesaid.
6. In preparing the financial statements the board of directors of the companyis responsible for assessing the ability of the company to continue as a going concerndisclosing as applicable matters related to going concern and using the going concernbasis of accounting unless management either intends to liquidate the group or to ceaseoperations or has no realistic alternative but to do so.
7. The board of directors of the company is responsible for overseeing thefinancial reporting process of the company.
Auditors Responsibilities for the Audit of the Financial Statements
8. Our objectives are to obtain reasonable assurance about whether the financialstatements as a whole are free from material misstatement whether due to fraud or errorand to issue an auditors report that includes our opinion. Reasonable assurance is ahigh level of assurance but is not a guarantee that an audit conducted in accordance withSAs will always detect a material misstatement when it exists. Materiality is themagnitude of misstatements in the financial statements that individually or in aggregatemakes it probable that the economic decisions of a reasonably knowledgeable user of thefinancial statements may be influenced. We consider quantitative materiality andqualitative 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 financialstatements.
9. As part of an audit in accordance with SAs we exercise professional judgmentand maintain professional scepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the financial statementswhether due to fraud or error design and perform audit procedures responsive to thoserisks and obtain audit evidence that is sufficient and appropriate to provide a basis forour opinion. The risk of not detecting a material misstatement resulting from fraud ishigher than for one resulting from error as fraud may involve collusion forgeryintentional omissions misrepresentations or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to designaudit procedures that are appropriate in the circumstances. Under section 143(3)(i) of theCompanies Act 2013 we are also responsible for expressing our opinion on whether thecompany has adequate internal financial controls system in place and the operatingeffectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness ofaccounting estimates and related disclosures made by management.
Conclude on the appropriateness of managements 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 thecompanys ability to continue as a going concern. If we conclude that a materialuncertainty exists we are required to draw attention in our auditors report to therelated disclosures in the financial statements or if such disclosures are inadequate tomodify our opinion. Our conclusions are based on the audit evidence obtained up to thedate of our auditors report. However future events or conditions may cause thecompany to cease to continue as a going concern.
Evaluate the overall presentation structure and content of the financial statementsincluding the disclosures and whether the financial statements represent the underlyingtransactions and events in a manner that achieves fair presentation.
We communicate with those charged with governance of the company regarding among othermatters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
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.
From the matters communicated with those charged with governance we determine thosematters that were of most significance in the audit of the consolidated financialstatements of the current period and are therefore the key audit matters. We describethese matters in our auditors report unless law or regulation precludes publicdisclosure about the matter or when in extremely rare circumstances we determine that amatter should not be communicated in our report because the adverse consequences of doingso would reasonably be expected to outweigh the public interest benefits of suchcommunication.
Report on Other Legal and Regulatory Requirements
10. As required by the Companies (Auditors Report) Order 2016 (theOrder) issued by the Central Government of India in terms of sub-section (11) ofsection 143 of the Companies Act 2013 we give in the Annexure - A astatement on the matters specified in paragraphs 3 and 4 of the Order to the extentapplicable.
11. As required by Section 143(3) of the Act we report to the extent applicablethat:
(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 of the aforesaidfinancial statements.
(b) In our opinion proper books of account as required by law relating to preparationof aforesaid financial statements have been kept by the Company so far as it appears fromour examination of those books.
(c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statementdealt with by this Report are in agreement with the books of account maintained for thepurpose of preparation of the Financial Statements.
(d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014.
(e) On the basis of the written representations received from the directors of thecompany as on 31st March 2021 taken on record by the Board of Directors of the companynone of the directors of the company is disqualified as on 31st March 2021 from beingappointed as a director in terms of Section 164(2) of the Act.
(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.
(g) With respect to the other matters to be included in the Auditors 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 Auditors 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 financial statements disclose the impact of pending litigations on the financialposition of the company Refer Note 2.24 to the financial statements;
ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses; and
iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.
| ||For Sandeep Mukherjee & Associates |
| ||Chartered Accountants |
| ||FRN:009942C |
|Place : Bhopal ||(CA Yusuf Ali Saify) |
|Dated : 19.06.2021 ||Partner |
|UDIN:21419362AAAAEU6150 ||M.No: 419362 |
Annexure B to the Independent Auditors Report of evendate to the members of WeWin Limited (formerly Surevin BPO Services Limited) on the standalone financial statementsfor the year ended 31.03.2021
Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 (the Act)
1. In conjunction with our audit of the standalone financial statements of WeWin Limited (formerly Surevin BPO Services Limited) (the Company) as at andfor the year ended 31 March 2021 we have audited the internal financial controls overfinancial reporting of the Company as of that date.
Managements Responsibility for Internal Financial Controls
2. The Companys management is responsible for establishing and maintaininginternal financial controls based on the internal control over financial reportingcriteria established by the Company considering the essential components of internalcontrol stated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India (ICAI).These responsibilities include the design implementation and maintenance of adequateinternal financial controls that were operating effectively for ensuring the orderly andefficient conduct of its business including adherence to companys policies thesafeguarding of its assets the prevention and detection of frauds and errors theaccuracy and completeness of the accounting records and the timely preparation ofreliable financial information as required under the Act.
3. Our responsibility is to express an opinion on the Company's internalfinancial controls over financial reporting based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls over FinancialReporting (the Guidance Note) and the Standards on Auditing issued by ICAIand deemed to be prescribed under section 143(10) of the Act to the extent applicable toan audit of internal financial controls both applicable to an audit of Internal FinancialControls and both issued by the Institute of Chartered Accountants of India. ThoseStandards and the Guidance Note require that we comply with ethical requirements and planand perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting was established and maintained and if suchcontrols operated effectively in all material respects.
4. Our audit involves performing procedures to obtain audit evidence about theadequacy of the internal financial controls system over financial reporting and theiroperating effectiveness. Our audit of internal financial controls over financial reportingincluded obtaining an understanding of internal financial controls over financialreporting assessing the risk that a material weakness exists and testing and evaluatingthe design and operating effectiveness of internal control based on the assessed risk. Theprocedures selected depend on the auditors judgment including the assessment of therisks of material misstatement of the financial statements whether due to fraud or error.
5. We believe that the audit evidence we have obtained is sufficient andappropriate to provide a basis for our audit opinion on the Companys internalfinancial controls system over financial reporting.
Meaning of Internal Financial Controls over Financial Reporting
6. A company's internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company's internal financial control overfinancial reporting includes those policies and procedures that:
(i) pertain to the maintenance of records that in reasonable detail accurately andfairly reflect the transactions and dispositions of the assets of the company;
(ii) 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
(iii) 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
7. Because of the inherent limitations of internal financial controls overfinancial reporting including the possibility of collusion or improper managementoverride of controls material misstatements due to error or fraud may occur and not bedetected. Also projections of any evaluation of the internal financial controls overfinancial reporting to future periods are subject to the risk that the internal financialcontrol over financial reporting may become inadequate because of changes in conditionsor that the degree of compliance with the policies or procedures may deteriorate.
8. In our opinion to the best of our information and according to theexplanations given to us 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 2021based on the internal control over financial reporting criteria established by the Companyconsidering the essential components of internal control stated in the Guidance Note onAudit of Internal Financial Controls Over Financial Reporting issued by the Institute ofChartered Accountants of India.
| ||For Sandeep Mukherjee & Associates |
| ||Chartered Accountants |
| ||FRN:009942C |
| ||(CA Yusuf Ali Saify) |
|Place : Bhopal ||Partner |
|Dated : 21.06.2021 ||M.No: 419362 |
Annexure A to the Independent Auditors Report of evendate to the members of WeWin Limited (Formerly Surevin BPO Services Limited) on the standalone financial statementsfor the year ended 31.03.2021 Based on the audit procedures performed for the purpose ofreporting a true and fair view on the financial statements of the Company and taking intoconsideration the information and explanations given to us and the books of account andother records examined by us in the normal course of audit and to the best of ourknowledge and belief we report that:
(i) (a) The Company has maintained proper computerised records showing fullparticulars including quantitative details and situation of fixed assets
(b) The Company has a regular programme of physical verification of its fixed assets bywhich fixed assets are verified in a phased manner over a period of three years. Inaccordance with this programme certain fixed assets were verified during the year.
(c) No material discrepancies were noticed on such verification.
(ii) The Company is a service company primarily rendering BPO services. Accordinglyit does not hold any physical inventories. Thus paragraph 3(ii) of the Order is notapplicable to the Company.
(iii) According to the information and explanation given to us and on the basis of theexamination of the records of the company the company has not granted any loans securedor unsecured to companies firms limited liability partnerships or other parties coveredin the register maintained under section 189 of the Act. Accordingly the provisions ofclause 3 (iii) (a) to (c) of the Order are not applicable to the company.
(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of section 185 and 186 of the Act with respectto the loans and investments made.
(v) According to the information and explanations given to us the Company has notaccepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records undersection 148(1) of the Act for any of the services rendered by the Company.
(vii) (a) According to the information and explanations given to us and on the basis ofour examination of the records of the Company amounts deducted/ accrued in the books ofaccount in respect of undisputed statutory dues including provident fund income-taxsales tax value added tax duty of customs service tax cess and other materialstatutory dues have been regularly deposited during the year by the Company with theappropriate authorities. As explained to us the Company did not have any dues on accountof Empoyees Provident fund and employees state insurance
(b) According to the information and explanations given to us no disputed amountspayable in respect of provident fund service tax cess Goods & Services Tax VAT andother material statutory dues were in arrears for a period of more than six months fromthe date they became payable as on the Balance Sheet date except for Income Tax. Theparticulars of the disputed amount of Income Tax are as under:
|Name of |
|Nature of dues ||Amount (Rs.) ||Period to which amount relates ||Forum where dispute is pending |
|Income Tax Act ||Income Tax ||821150.00 ||Assessment Year 2013-14 ||Commissioner of Income Tax (Appeals 2) Bhopal |
|Income Tax Act ||Income Tax ||1257820.00 ||Assessment Year 2014-15 ||Commissioner of Income Tax (Appeals 2) Bhopal |
(viii) In our opinion and according to the information and explanation given to us thecompany has not defaulted in the repayment of dues of bank. Company has not taken any loanfrom government and has not issued any debentures.
(ix) The Company has not raised money by way of initial public offer during the year.The Term loans were applied for the purpose for which those where raised in the previousyears.
(x) According to the information and explanations given to us no material fraud by theCompany or on the Company by its officers or employees has been noticed or reported duringthe course of our audit.
(xi) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has paid/provided for managerialremuneration in accordance with the requisite approvals mandated by the provisions ofsection 197 read with 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. Accordingly paragraph 3(xii) of the Order is notapplicable.
(xiii) According to the information and explanations given to us and based on ourexamination of the records of the Company all the transactions entered into by thecompany with related parties have been duly disclosed in the financial statements asrequired by the applicable accounting standards.
(xiv) According to the information and explanations give to us and based on ourexamination of the records of the Company the Company has not made any preferentialallotment or private placement of shares or fully or partly convertible debentures duringthe year.
(xv) According to the information and explanations given to us and based on ourexamination of the records of the Company the Company has not entered into non-cashtransactions with directors or persons connected with them. Accordingly paragraph 3(xv)of the Order is not applicable.
(xvi) The Company is not required to be registered under section 45-IA of the ReserveBank of India Act 1934.
| ||For Sandeep Mukherjee & Associates |
| ||Chartered Accountants |
| ||FRN:009942C |
| ||(CA Yusuf Ali Saify) |
|Place : Bhopal ||Partner |
|Dated : 21/06/2021 ||M.No: 419362 |