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Wipro Ltd.

BSE: 507685 Sector: IT
NSE: WIPRO ISIN Code: INE075A01022
BSE 00:00 | 21 Sep 337.35 4.60
(1.38%)
OPEN

332.65

HIGH

339.05

LOW

327.75

NSE 00:00 | 21 Sep 335.20 2.50
(0.75%)
OPEN

331.90

HIGH

337.90

LOW

328.00

OPEN 332.65
PREVIOUS CLOSE 332.75
VOLUME 795998
52-Week high 339.05
52-Week low 253.50
P/E 20.03
Mkt Cap.(Rs cr) 152,621
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 332.65
CLOSE 332.75
VOLUME 795998
52-Week high 339.05
52-Week low 253.50
P/E 20.03
Mkt Cap.(Rs cr) 152,621
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Wipro Ltd. (WIPRO) - Auditors Report

Company auditors report

To the Members of Wipro Limited

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of Wipro Limited(‘the Company') which comprise the Balance Sheet as at March 31 2018 the Statementof Profit and Loss (including other comprehensive income) the Statement of Changes inEquity and the Statement of Cash Flows for the year then ended and a summary of thesignificant accounting policies and other explanatory information.

Management's Responsibility for the Standalone Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act') with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with the Indian Accounting Standards (IndAS) prescribed under Section 133 of the Act read with the Companies (Indian AccountingStandards) Rule 2015 as amended and other accounting principles generally accepted inIndia. This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit. In conducting our audit we have taken into account the provisions ofthe Act the accounting and auditing standards and matters which are required to beincluded in the audit report under the provisions of the Act and the Rules made thereunderand the Order issued under Section 143(11) of the Act.

We conducted our audit of the standalone financial statements in accordance with theStandards on Auditing specified under Section 143(10) of the Act.

Those Standards require that we comply with ethical requirements and plan and performthe audit to obtain reasonable assurance about whether the standalone financial statementsare free from material misstatement. An audit involves performing procedures to obtainaudit evidence about the amounts and the disclosures in the standalone financialstatements. The procedures selected depend on the auditor's judgment including theassessment of the risks of material misstatement of the standalone financial statementswhether due to fraud or error. In making those risk assessments the auditor considersinternal financial control relevant to the Company's preparation of the standalonefinancial statements that give a true and fair view in order to design audit proceduresthat are appropriate in the circumstances. An audit also includes evaluating theappropriateness of the accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the standalone financial statements. We believe that the audit evidence obtained by usis sufficient and appropriate to provide a basis for our audit opinion on the standalonefinancial statements.

Opinion

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 Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at March 31 2018 and its profittotal comprehensive income the changes in equity andits cash flows for the year ended on that date.

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) wehave sought and obtained all the information and explanations which to the best of ourknowledge and belief were necessary for the purposes of our audit. b) in our opinionproper books of account as required by law have been kept by the Company so far as itappears from our examination of those books. c) the Balance Sheet the Statement of Profitand Loss including other comprehensive income Statement of Changes in Equity and theStatement of Cash Flows dealt with by this Report are in agreement with the books ofaccount. d) in our opinion the aforesaid standalone financial statements comply with theIndian Accounting Standards prescribed under Section 133 of the Act. e) on the basis ofthe written representations received from the directors of the Company as on March 312018 taken on record by the Board of Directors none of the directors is disqualified ason March 31 2018 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 over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate report in ‘Annexure A'.Our report expresses an unmodified opinion on theadequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting. g) with respect to the other matters to be included in the Auditor'sReport in accordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 asamended in our opinion and to the best of our information and according to theexplanations given to us: i. The Company has disclosed the impact of pending litigationson its financial position 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 betransferred to the 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 the Order.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants

Firm Registration Number: 117366W/W-100018

N. Venkatram
Partner
Membership number: 71387
Mumbai
June 08 2018

Annexure A to the Independent Auditor's Report

(Referred to in paragraph 1(f) under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the Members of Wipro Limited of even date)

Report on the Internal Financial Controls over Financial Reporting under Clause (i) ofsub-section 3 of Section 143 of the Companies Act 2013 (‘the Act')

We have audited the internal financial controls over financial reporting of WIPROLIMITED (‘the Company') as of March 31 2018 in conjunction with our audit of thestandalone financial statements of the Company for the year ended on that date.

Management's Responsibility for Internal Financial Controls

The Board of Directors of the Company 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. 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 respective company's 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.

Auditor's Responsibility

Our responsibility is to express an opinion on the internal financial controls overfinancial reporting of the Company based on our audit. We conducted our audit inaccordance with the Guidance Note on Audit of Internal Financial Controls Over FinancialReporting (the ‘Guidance Note') issued by the Institute of Chartered Accountants ofIndia and the Standards on Auditing prescribed under Section 143(10) of the Companies Act2013 to the extent applicable to an audit of internal financial controls. Those Standardsand the Guidance Note require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether adequate internal financialcontrols over financial reporting was established and maintained and if such controlsoperated effectively in all material respects. Our audit involves performing procedures toobtain audit evidence about the adequacy of the internal financial controls system overfinancial reporting and their operating effectiveness. Our audit of internal financialcontrols over financial reporting included obtaining an understanding of internalfinancial controls over financial reporting assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditor'sjudgement including the assessment of the risks of material misstatement of the financialstatements 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 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.

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 has in all material respects an adequate internal financial controlssystem over financial reporting and such internal financial controls over financialreporting were operating effectively as at March 31 2018 based on the internal controlover financial reporting criteria established by the Company 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 DELOITTE HASKINS & SELLS LLP

Chartered Accountants

Firm Registration Number: 117366W/W-100018

N. Venkatram
Partner
Membership number: 71387
Mumbai
June 08 2018

Annexure B to the Independent Auditor's Report

(Referred to in paragraph 2 under ‘Report on Other Legal and RegulatoryRequirements' section of our report to the members of Wipro Limited of even date) (i) Inrespect of the Company's fixed assets: (a) The Company has maintained proper recordsshowing full particulars including quantitative details and situation of fixed assets.(b) The Company has a program of verification to cover all the items of fixed assets in aphased manner over a period of 3 years which in our opinion is reasonable having regardto the size of the Company and the nature of its assets. Pursuant to the program certainfixed assets were physically verified by the Management during the year. According to theinformation and explanations given to us no material discrepancies were noticed on suchverification. (c) According to the information and explanations given to us the recordsexamined by us and based on the examination of the conveyance deeds provided to us wereport that the title deeds comprising all the immovable properties of land andbuildings which are freehold are held in the name of the Company as at the balance sheetdate.

(ii) As explained to us the inventories were physically verified during the year bythe Management at reasonable intervals. Material discrepancies noticed on physicalverification during the year have been properly dealt with in the books of account.

(iii) The Company has not granted any loans secured or unsecured to companies firmsLimited Liability Partnerships or other parties covered in the register maintained undersection 189 of the Companies Act 2013. (a) The Company has not granted any loans securedor unsecured to the parties covered in the register maintained under Section 189 of theAct during the current year.

(b) In the case of a loan granted to the party listed in the register maintained underSection 189 of the Act the loan is interest free and the principal was repayable ondemand. The loan is repaid during the current year.

(c) There is no overdue amount remaining outstanding as at the year-end.

(iv) In our opinion and according to the information and explanations given to us theCompany has complied with the provisions of Sections 185 and 186 of the Companies Act2013 in respect of grant of loans making investments and providing guarantees andsecurities as applicable.

(v) The Company has not accepted any deposit during the year and does not have anyunclaimed deposits as at March 31 2018 and therefore the provisions of the clause 3 (v)of the Order are not applicable to the Company.

(vi) The maintenance of cost records has not been specified by the Central Governmentunder Section 148(1) of the Companies Act 2013 for the business activities carried out bythe Company. Thus reporting under Clause 3(vi) of the order is not applicable to theCompany.

(vii) According to the information and explanations given to us in respect ofstatutory dues: (a) The Company has generally been regular in depositing undisputedstatutory dues including Provident Fund Employees' State Insurance Income Tax SalesTax Service Tax Goods and Service Tax Value Added Tax Customs Duty Excise Duty Cessand other material statutory dues applicable to it with the appropriate authorities. (b)There were no undisputed amounts payable in respect of Provident Fund Employees' StateInsurance Income Tax Sales Tax Service Tax Value Added Tax Goods and Service TaxCustoms Duty Excise Duty Cess and other material statutory dues in arrears as at March31 2018 for a period of more than six months from the date they became payable. (c)Details of dues of Income Tax Sales Tax Service Tax Customs Duty Excise Duty and ValueAdded Tax which have not been deposited as at March 31 2018 on account of dispute aregiven below:

Name of Statue Nature of dues Forum where dispute is pending Period to which the amount relates Amount Unpaid March 31 2018
The Central Excise Act 1944 Excise Duty Assistant Commissioner 1990-91 to 2014-15 59
The Central Excise Act 1944 Excise Duty Commissioner 2004-05 to 2014-15 10
The Central Excise Act 1944 Excise Duty Commissioner Appeals 1994-95 to 2012-13 13
The Central Excise Act 1944 Excise Duty CESTAT 1999-2000 to 2012-13 180
The Central Excise Act 1944 Excise Duty High Court 2007-08 2008-09 1
The Customs Act 1962 Customs Duty Asst. Commissioner of customs 1994-95 to 2010-11 47
The Customs Act 1962 Customs Duty CESTAT 1991-92 to 2011-12 4
The Customs Act 1962 Customs Duty Commissioner 2005-06 6
The Customs Act 1962 Customs Duty Commissioner Appeals 210
The Customs Act 1962 Customs Duty Deputy Commissioner - Air Customs -Chennai 1997-98 to 2009-10 5
The Customs Act 1962 Customs Duty Madras HC 4
The Customs Act 1962 Penalty Karnataka High court 2001-02 to 2005-06 2871
Finance Act 1994 Service tax Assistant commissioner 2003-04 to -2015-16 366
Finance Act 1994 Service tax Commissioner Appeals 2003-04 to 2015-16 273
Finance Act 1994 Penalty Commissioner Appeals 2005-06 to 2015-16 24
Finance Act 1994 Service tax CESTAT 2001-02 to 2011-12 1062
Finance Act 1994 Penalty CESTAT 2001-02 to 2011-12 1034
Sales Tax / VAT Sales Tax / VAT Assistant commissioner 1988-89 to 2006-07 26
Sales Tax / VAT Sales Tax / VAT High court 1986-87 to 2004-05 53
Sales Tax / VAT Sales Tax / VAT Commissioner appeals 1986-87 to 2014-15 2618
Sales Tax / VAT Sales Tax / VAT Joint commissioner 1994-95 to 2015-16 49
Sales Tax / VAT Sales Tax / VAT DY. Commissioner of sales tax. 1994-95 to 2014-15 218
Sales Tax / VAT Sales Tax / VAT Sales Tax Tribunal. 1998-99 to 2011-12 326
Sales Tax / VAT Sales Tax / VAT Commissioner 2009-10 2010-11 70
The Income Tax Act 1961 Income Tax - TDS CIT(A) - TDS 2003-04 2009-10
The Income Tax Act 1961 Income Tax Income Tax Appellate Tribunal 2006-072009-10 2010-11 2012-13 1191
The Income Tax Act 1961 Income Tax Dispute Resolution Panel 2013-14 8701
The Income Tax Act 1961 Income Tax CIT(A) 2011-122012-13 20

(viii) In our opinion and according to the information and explanations given to usthe Company has not defaulted in the repayment of loans or borrowings to financialinstitutions banks and government. The Company has not issued any debentures.

(ix) The Company has not raised moneys by way of initial public offer or further publicoffer (including debt instruments) during the year. In our opinion and according to theinformation and explanations given to us the term loans have been applied by the Companyduring the year for the purposes for which they were raised.

(x) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company or no material fraud on the Company by its officersor employees has been noticed or reported during the year.

(xi) In our opinion and according to the information and explanations given to us theCompany has paid/ provided managerial remuneration in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) The Company is not a Nidhi Company and hence reporting under clause 3 (xii) ofthe Order is not applicable to the Company.

(xiii) In our opinion and according to the information and explanations given to usthe Company is in compliance with Section 177 and 188 of the Companies Act 2013 whereapplicable for all transactions with the related parties and the details of related partytransactions have been disclosed in the standalone financial statements as required by theapplicable accounting standards.

(xiv) During the year the Company has not made any preferential allotment or privateplacement of shares or fully or partly paid convertible debentures and hence reportingunder clause 3 (xiv) of the Order is not applicable to the Company.

(xv) In our opinion and according to the information and explanations given to usduring the year the Company has not entered into any non-cash transactions with itsDirectors or persons connected to its directors and hence provisions of section 192 of theCompanies Act 2013 are not applicable to the Company. (xvi) The Company is not requiredto be registered under section 45-IA of the Reserve Bank of India Act 1934.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
Firm Registration Number: 117366W/W-100018
N. Venkatram
Partner
Membership number: 71387
Mumbai
June 08 2018