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Wipro
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« Mar 13
Auditor's Report (Wipro) Year End : Mar '14
Report on the Financial Statements
 
 We have audited the accompanying financial statements of Wipro Limited
 (the Company) which comprise the balance sheet as at March 31,2014,
 the statement of profit and loss and the cash flow statement for the
 year then ended and a summary of significant accounting policies and
 other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 Management is responsible for the preparation of these financial
 statements that give a true and fair view of the financial position,
 financial performance and cash flows of the Company in accordance with
 the Accounting Standards referred to in sub- section (3C) of section
 211 of the Companies Act, 1956 (the Act) read with General Circular
 15/2013 dated 13th September 2013 of the Ministry of Corporate Affairs
 in respect of Section 133 of the Companies Act, 2013.This
 responsibility includes the design, implementation and maintenance of
 internal control relevantto the preparation and presentation of the
 financial statements that give a true and fair view and are free from
 material misstatement, whether due to fraud or error.
 
 Auditors'' Responsibility
 
 Our responsibility is to express an opinion on these financial
 statements based on our audit. We conducted our audit in accordance
 with the Standards on Auditing issued by the Institute of Chartered
 Accountants of India. Those standards require that we comply with
 ethical requirements and plan and perform the audit to obtain
 reasonable assurance about whether the financial statements are free
 from material misstatement.
 
 An audit involves performing procedures to obtain audit evidence about
 the amounts and disclosures in the financial statements.  The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of thefinancial
 statements,whetherduetofraud orerror. In making those risk assessments,
 the auditor considers internal control relevant to the Company''s
 preparation and fair presentation of the financial statements in order
 to design audit procedures that are appropriate in the circumstances,
 but not for the purpose of expressing an opinion on the effectiveness
 of the entity''s internal control. An audit also includes evaluating the
 appropriateness of accounting policies used and the reasonableness of
 the accounting estimates made by management, as well as evaluating the
 overall presentation of the financial statements.
 
 We believe that the audit evidence we have obtained is sufficient and
 appropriate to provide a basis for our audit opinion.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the financial statements give the information
 required by the Act in the manner so required and give a true and fair
 view in conformity with the accounting principles generally accepted in
 India:
 
 (a) in the case of the balance sheet, of the state of affairs of the
 Company as at March 31,2014;
 
 (b) in the case of the statement of profit and loss, of the profit for
 the year ended on that date; and
 
 (c) in the case of the cash flow statement, of the cash flows for the
 year ended on that date.
 
 Report on other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditors'' Report) Order, 2003 (the
 Order), as amended, issued by the Central Government of India in terms
 of sub-section (4A) of section 227 of the Act, we give in the Annexure
 a statement on the matters specified in paragraphs 4 and 5 of the
 Order.
 
 2.  As required by section 227(3) of the Act, we report that:
 
 (a) we have obtained all the information and explanations which to the
 best of our knowledge and belief were necessary for the purpose of our
 audit;
 
 (b) inouropinion proper books of accountas required by law have been
 kept by the Company so far as appears from our examination of those
 books;
 
 (c) the balance sheet, statement of profit and loss and cash flow
 statement dealt with by this report are in agreement with the books of
 account;
 
 (d) in our opinion.the balance sheet, statement of profit and loss and
 cash flow statement comply with the Accounting Standards referred to in
 sub-section (3C) of section 211 of the Companies Act,1956 read with the
 General Circular 15/2013 dated 13 September 2013 of the Ministry of
 Corporate Affairs in respect of Section 133 of the Companies Act, 2013;
 and
 
 (e) on the basis of written representations received from the directors
 as on March 31, 2014, and taken on record by the Board of Directors,
 none of the directors is disqualified as on March 31, 2014, from being
 appointed as a director in terms of clause (g) of sub- section (1) of
 section 274 of the Companies Act, 1956.
 
 Annexure referred to in paragraph 1 of our report to the members of
 Wipro Limited (the Company) for the year ended March 31,2014. We
 report that:
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) The Company has a regular programme of physical verification of its
 fixed assets by which all fixed assets are verified in a phased manner
 over a period of three years. In our opinion, this periodicity of
 physical verification is reasonable having regard to the size of the
 Company and the nature of its assets. In accordance with this program,
 certain fixed assets were verified during the year and no material
 discrepancies were noticed on such verification.
 
 (c) Fixed assets disposed off during the year were not substantial, and
 therefore, do not affect the going concern assumption.
 
 (ii) (a) The inventory, except goods-in-transit, and stocks lying with
 third parties, has been physically verified by the management during
 the year. In our opinion, the frequency of such verification is
 reasonable. For stocks lying with third parties at the year end,
 written confirmations have been obtained for significant account
 balances.
 
 (b) The procedures for the physical verification of inventories
 followed by the management are reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 (c) The Company is maintaining proper records of inventory. The
 discrepancies noticed on verification between the physical stocks and
 the book records were not material.
 
 (iii) (a) The Company has granted loans to two parties covered in the
 register maintained under section 301 of the Companies Act, 1956 (the
 Act).The maximum outstanding during the year was ? 2,824 million and
 the year-end balance of such loans was ? 1,770 million (ofwhich loans
 amounting to? 1,770 million are interest free).
 
 (b) In our opinion, the rate of interest, where applicable and
 othertermsand conditions on which such loans have granted to companies,
 firms or other parties covered in the register maintained under section
 301 of the Act are not, prima facie, prejudicial to the interest of the
 Company.
 
 (c) In the case of loans granted to the parties listed in the register
 maintained undersection301 of the Act, the principal amounts and
 interest, where applicable, are being repaid regularly in accordance
 with the agreed contractual terms.
 
 (d) There is nooverdueamountof morethan Rupeesone lakh in respect of
 loans granted to any of the parties listed in the register maintained
 under section 301 of the Act.
 
 (e) The Company has not taken any loans, secured or unsecured, from
 companies, firms or other parties covered in the register maintained
 under Section 301 of the Act. Accordingly, paragraphs 4 (iii) (e) to
 (g) of the Order are not applicable to the Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business with regard
 to purchase of inventories and fixed assets and with regard to the sale
 of goods and services. We have not observed any major weakness in the
 internal control system during the course of the audit.
 
 (v) (a) Inouropinion.andaccordingtotheinformationand explanations given
 to us, the particulars of contracts or arrangements referred to in
 section 301 of the Act have been entered in the register required to be
 maintained under that section.
 
 (b) In our opinion, and according to the information and explanations
 given to us, the transactions made in pursuance of contracts and
 arrangements referred to in (a) above and exceeding the value of rupees
 five lakh in respect of any party during the year have been made at
 prices which are reasonable having regard to the prevailing market
 prices at the relevant time.
 
 (vi) The Company has not accepted any deposits from the public.
 
 (vii) In our opinion, the Company has an internal audit system
 commensurate with the size and nature of its business.
 
 (viii) We have broadly reviewed the books of account relating to
 material, labour and other items of cost maintained by the Company
 pursuant to the Companies (cost accounting records) Rules, 2011
 prescribed bytheCentral Government for the maintenance of cost records
 under section 209(1) (d) of the Act and are of the opinion that prima
 facie, the prescribed accounts and records have been made and
 maintained. However, we have not made a detailed examination of the
 records.
 
 (ix) (a) According to the information and explanations given to us and
 on the basis of our examination of the records of the Company, amounts
 deducted/accrued in the books of account in respect of undisputed
 statutory dues including Provident Fund, Employees''State Insurance,
 Income-tax, Sales-tax, Service tax. Wealth tax. Customs duty. Excise
 duty. Investor Education and Protection Fund and other material
 statutory dues have generally been regularly deposited during the year
 by the Company with the appropriate authorities.
 
 According to the information and explanations given to us, no
 undisputed amounts payable in respect of Provident Fund,
 Employees''State Insurance, Income- tax, Sales- tax. Service tax. Wealth
 tax. Customs duty, Excise duty. Investor Education and Protection Fund
 and other material statutory dues were in arrears as at March 31,2014
 for a period of more than six months from the date they became payable.
 
 (b) According to the information and explanation given to us, there are
 no disputed amounts payable in respect of Wealth tax and Cess.The
 following dues of
 
 Income tax. Excise duty. Customs duty. Sales-tax and Service tax have
 not been deposited by the Company on account of disputes:
 
 (x) The Company does not have any accumulated losses at the end of the
 financial year and has not incurred cash losses in the financial year
 and in the immediately preceding financial year.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in repayment of dues to its
 banks. The Company did not have any outstanding dues to any financial
 institutions or debentures holders during the year.
 
 (xii) The Company has not granted any loans and advances on the basis
 of security by way of pledge of shares, debentures and other
 securities.
 
 (xiii) In our opinion and according to the information and explanations
 given to us, the Company is not a chit fund or a nidhi/ mutual benefit
 fund/ society.
 
 (xiv) According to the information and explanations given to us, the
 Company is not dealing or trading in shares, securities, debentures and
 other investments.
 
 (xv) In our opinion and according to the information and explanations
 given to us, the terms and conditions on which the Company has given
 guarantees for loans taken by others from banks or financial
 institutions are not prejudicial to the interest of the Company.
 
 (xvi) In our opinion and according to the information and explanations
 given to us, the term loans taken by the
 
 Company have been applied for the purposes for which they were raised.
 
 (xvii) According to the information and explanations given to us and on
 an overall examination of the balance sheet of the Company, we are of
 the opinion thatfunds raised on short- term basis have not been used
 for long-term investment.
 
 (xviii)The Company has not made any preferential allotment of shares to
 companies/firms/parties covered in the register maintained under
 section 301 of the Act.
 
 (xix) The Company did not have any outstanding debentures during the
 year.
 
 (xx) The Company has not raised any money by public issues during the
 year.
 
 (xxi) According to the information and explanations given to us, no
 fraud on or by the Company has been noticed or reported during the
 course of our audit.
 
                                                for B S R & Co.LLP
 
                                           Chartered Accoun tan ts
 
                                  Firm''s Registration No.: 101248W
 
                                                   Supreet Sachdev
 
                                                           Partner
 
                                            Membership No.: 205385
 
                                                         Banaalore
Source : Dion Global Solutions Limited
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