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WEP Solutions Ltd.

BSE: 532373 Sector: Consumer
NSE: N.A. ISIN Code: INE434B01029
BSE 00:00 | 17 Dec 26.80 0
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OPEN

26.00

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26.80

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NSE 05:30 | 01 Jan WEP Solutions Ltd
OPEN 26.00
PREVIOUS CLOSE 26.80
VOLUME 7728
52-Week high 64.00
52-Week low 25.00
P/E 89.33
Mkt Cap.(Rs cr) 69
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 26.00
CLOSE 26.80
VOLUME 7728
52-Week high 64.00
52-Week low 25.00
P/E 89.33
Mkt Cap.(Rs cr) 69
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

WEP Solutions Ltd. (WEPSOLUTIONS) - Auditors Report

Company auditors report

To the members of WeP Solutions Limited

Report on the consolidated Ind AS financial statements

1. We have audited the accompanying consolidated Ind AS financial statements of WEPSOLUTIONS LIMITED ("hereinafter referred to as "the Holding Company") andits subsidiary (the Holding Company and its subsidiary together referred to as "theGroup") which comprise the Consolidated Balance Sheet as at March 312018 theConsolidated Statement of Profit and Loss (including Other Comprehensive Income) theConsolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity forthe year then ended and a summary of the significant accounting policies and otherexplanatory information (hereinafter referred to as "the consolidated Ind ASfinancial statements").

Management's responsibility for the consolidated Ind AS financial statements

2. The Holding Company's Board of Directors is responsible for preparation of theseconsolidated Ind AS financial statements in terms of the requirements of the CompaniesAct 2013 (hereinafter referred to as "the Act") that give a true and fair viewof the consolidated financial position consolidated financial performance (includingother comprehensive income) and consolidated cash flows and consolidated statement ofchanges in the equity of the Group in accordance with the accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) prescribed underSection 133 of the Act read with the Companies (Indian Accounting Standards) Rules 2015as amended.

3. The respective Board of Directors of the companies included in the Group areresponsible for maintenance of adequate accounting records in accordance with theprovisions of the Act for safeguarding the assets of the Group and for preventing anddetecting frauds and other irregularities; the 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 the accuracy and completeness of the accountingrecords relevant to the preparation and presentation of the consolidated Ind AS financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error which have been used for the purpose of preparation of theconsolidated Ind AS financial statements by the Directors of the Holding Company asaforesaid.

Auditor's Responsibility

4. Our responsibility is to express an opinion on these consolidated Ind AS financialstatements based on our audit.

5. In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the Rules made thereunder.

6. We conducted our audit of the consolidated Ind AS financial statements in accordancewith the Standards on Auditing specified under Section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about whether the consolidated Ind AS financial statements are freefrom material misstatement.

7. An audit involves performing procedures to obtain audit evidence about the amountsand the disclosures in the consolidated Ind AS financial statements. The proceduresselected depend on the auditor's judgment including the assessment of the risks ofmaterial misstatement of the consolidated Ind AS financial statements whether due tofraud or error. In making those risk assessments the auditor considers internal financialcontrol relevant to the Company's preparation of the consolidated Ind AS financialstatements that give a true and fair view in order to design audit procedures that areappropriate in the circumstances. An audit also includes evaluating the appropriateness ofthe accounting policies used and the reasonableness of the accounting estimates made bythe Holding Company's Board of Directors as well as evaluating the overall presentationof the consolidated Ind AS financial statements.

8. We believe that the audit evidence obtained by us and the audit evidence obtained bythe other auditor in terms of their report referred to in sub-paragraph (a) of the OtherMatters paragraph below is sufficient and appropriate to provide a basis for our auditopinion on the consolidated Ind AS financial statements.

Opinion

9. In our opinion and to the best of our information and according to the explanationsgiven to us and based on the consideration of report of the other auditor on separatefinancial statements of the subsidiary referred to below in the Other Matters paragraphthe aforesaid consolidated Ind AS financial statements give the information required bythe Act in the manner so required and give a true and fair view in conformity with the IndAS and other accounting principles generally accepted in India of the consolidated stateof affairs of the Group as at March 31 2018 and its consolidated financial performanceincluding other comprehensive income its consolidated cash flows and the consolidatedchanges in equity for the year ended on that date.

Other Matters

10. We did not audit the financial statements of the subsidiary whose financialstatements reflect total assets (net) of Rs. 259.22 lakhs as at March 312018 totalrevenues of Rs.110.14 lakhs and net cash outflow amounting to Rs. 13.16 lakhs for the yearended on that date as considered in the consolidated Ind AS financial statements. Thesefinancial statements have been audited by other auditor whose report has been furnished tous by the management and our opinion on the consolidated Ind AS financial statements; inso far as it relates to the amounts and disclosures included in respect of the subsidiaryis based solely on the report of the other auditor.

11. Our opinion on the consolidated Ind AS financial statements and our report onOther Legal and Regulatory Requirements below is not modified in respect of the abovematters with respect to our reliance on the work done and the report of the other auditorand the financial statements/financial information certified by the management.

Report on Other Legal and Regulatory Requirements

12. 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 of the aforesaidconsolidated Ind AS financial statements.

(b) In our opinion proper books of account as required by law relating to preparationof the aforesaid consolidated Ind AS financial statements have been kept so far as itappears from our examination of those books.

(c) The Consolidated Balance Sheet the Consolidated Statement of Profit and Loss(including Other Comprehensive Income) Consolidated Statement of Changes in Equity andthe Consolidated Statement of Cash Flows dealt with by this Report are in agreement withthe relevant books of account maintained for the purpose of preparation of theconsolidated Ind AS financial statements.

(d) In our opinion the aforesaid consolidated Ind AS financial statements comply withthe Indian Accounting Standards prescribed under Section 133 of the Act.

(e) On the basis of the written representations received from the Directors of theHolding Company as on March 312018 taken on record by the Board of Directors of theHolding Company and the reports of the statutory auditors of its subsidiary companyincorporated in India none of the directors of the Group company incorporated in India isdisqualified as on March 312018 from being appointed as a director in terms of Section164(2) of the Act.

(f) With respect to the adequacy of the internal financial controls over financialreporting of the group and the operating effectiveness of such controls refer to ourseparate Report in "Annexure A" which is based on the auditor's reports of theCompany and its subsidiary company incorporated in India.

(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 consolidated Ind AS financial statements disclose the impact of pendinglitigations on the consolidated financial position of the Group - Refer Note 28 toconsolidated financial statements;

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

iii. There were no amounts which were required to be transferred to the InvestorEducation and Protection Fund by the Company.

For N.M.Raiji & Co.
Chartered Accountants
Firm's Registration Number: 108296W
Vinay D. Balse
Place: Camp Bengaluru Partner
Date: May 19 2018 Membership Number: 39434

ANNEXURE - A TO THE INDEPENDENT AUDITOR'S REPORT

REPORT ON THE INTERNAL FINANCIAL CONTROLS UNDER CLAUSE (I)

OF SUB-SECTION 3 OF SECTION 143 OF THE COMPANIES ACT 2013 ("THE ACT")

We have audited the internal financial controls over financial reporting of WePSolutions Limited ("the Company") and its subsidiary as of March 312018.

Management's responsibility for internal financial controls

The Board of Directors of the Company and its subsidiary company which is arecompanies incorporated in India are responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the respective Companies 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'). 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 internal financial controls overfinancial reporting of the Company and its subsidiary company which are companiesincorporated in India based on our audit. We conducted our audit in accordance with theGuidance Note on Audit of Internal Financial Controls over Financial Reporting (the"Guidance Note") and the Standards on Auditing issued by ICAI and deemed to beprescribed under section 143(10) of the Companies Act 2013 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.

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 internal financial controls system overfinancial reporting of the Company and its subsidiary company which are companiesincorporated in India.

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 ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the company are being made only in accordance with authorisations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of thecompany's assets 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 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 to the best of our information and according to the explanations givento us the Company and its subsidiary company which are companies incorporated in Indiahave in all material respects an adequate internal financial controls system overfinancial reporting and such internal financial controls over financial reporting wereoperating effectively as at March 312018 based on the internal control over financialreporting criteria established by the respective companies considering the essentialcomponents of internal control stated in the Guidance Note on Audit of Internal FinancialControls Over Financial Reporting issued by the Institute of Chartered Accountants ofIndia.

For N.M.Raiji & Co.
Chartered Accountants
Firm's Registration Number: 108296W
Vinay D. Balse
Place: Camp Bengaluru Partner
Date: May 19 2018 Membership Number: 39434