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WEP Solutions Ltd.

BSE: 532373 | NSE: | Series: NA | ISIN: INE434B01029 | SECTOR: Computers - Software Medium & Small

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Oct 25, 16:00
17.40 -0.65 (-3.60%)
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AVERAGE VOLUME
5-Day
10,353
10-Day
8,424
30-Day
10,750
16,028
  • Prev. Close

    18.05

  • Open Price

    17.60

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NSE Live

Dec 27, 11:22
NT* 0.00 (0.00%)
Volume
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  • Prev. Close

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WEP Solutions is not listed on NSE

Annual Report

For Year :
2018 2017 2016 2015 2014 2013 2012 2011 2010

Auditor's Report

1. Report on the Financial Statements: We have audited the accompanying financial statements of WEP SOLUTIONS LIMITED (the Company), which comprise the Balance Sheet as at March 31, 2014, and 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. 2. Management''s Responsibility for the Financial Statements: Management of the company 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). This responsibility includes the design, implementation and maintenance of internal control relevant to 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. 3. Auditor''s 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 judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. 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. 4. 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: i) In the case of the Balance Sheet, of the state of affairs of the Company as at March 31, 2014; ii) In the case of the Statement of Profit and Loss, of the profit for the year ended on that date; and iii) In the case of the Cash Flow Statement, of the cash flows for the year ended on that date. 5. Report on Other Legal and Regulatory Requirements: i) As required by the Companies (Auditor''s Report) Order, 2003 (the Order) 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. ii) 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) In our opinion proper books of account, as 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; (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. (f) Since the Central Government has not issued any notification as to the rate at which the cess is to be paid under section 441A of the Companies Act, 1956, nor has it issued any Rules under the said section, prescribing the manner in which such cess is to be paid, no cess is due and payable by the Company. Annexure to the Auditor''s Report (Referred to in Paragraph 5 sub-paragraph 1 of our Report of even date) (i) a) The Company has maintained proper records showing full particulars, including quantitative details and situation of Fixed Assets. (b) A major portion of fixed assets have been physically verified by the management during the year. In our opinion, the frequency of verification of the fixed assets by the management is reasonable having regard to the size of the company and nature of its assets. No material discrepancies were noticed on such verification. (c) Fixed assets disposed off during the year were not substantial, so as to affect the going concern assumption. (ii) (a) Stocks of inventories have been physically verified during the year by the management. In our opinion, the frequency of such verification is reasonable. (b) The procedures for physical verification of inventory 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 has maintained proper records of inventory. The discrepancies noticed on verification between the physical stock and the book stock were not material in relation to the operations of the Company and have been properly dealt with in the books of account. (iii) According to the information and explanations given to us, the Company has neither granted nor taken any loans, secured or unsecured, to / from companies, firms or other parties covered in the register maintained under Section 301 of the Companies Act, 1956. Consequently, clause 3(b), (c), (d), (e), (f) and (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 are adequate internal control systems, commensurate with the size of the Company and nature of its business, for the purchase of inventory and fixed assets and for the sale of goods and services. (v) In our opinion and according to the information and explanations given to us, we are of the opinion that there are no contracts and arrangements that need to be entered into the register maintained under Section 301 of the Companies Act, 1956; (vi) The company has not accepted any deposit from public; hence the provisions of section 58A and 58AA of the Companies Act, 1956 are not applicable. (vii) In our opinion, the Company has an internal audit system commensurate with its size and the nature of its business. (viii) We have broadly reviewed the books of account maintained by the Company pursuant to the rules made by the Central Government for the maintenance of cost records under section 209(1)(d) of the Companies Act, 1956, and are of the opinion that prima facie, the prescribed accounts have been made and maintained. (ix) (a) According to the information and explanations given to us and on the basis of our examination of the books of account, the Company has been generally regular in depositing undisputed statutory dues including Provident Fund, Employees State Insurance, Income-tax, Sales-tax, Service Tax, Custom Duty, Excise Duty, Cess and any other dues, during the year, with the appropriate authorities. (b) According to the information and explanations given to us, and on the basis of our examinations of the books of accounts, no undisputed amounts payable in respect of Income-tax, Sales Tax, Service Tax, Custom Duty, Excise Duty, Cess, Were in arrears, as at March 31, 2014, for a period of more than six months from the date they became payable. (c) According to the information and explanations given to us, and the record of the Company examine by us, there are no dues of Sales Tax, Income Tax, Customs Duty, Service Tax, Wealth Tax, Excise Duty and Cess which have not been deposited on account of any dispute. (x) As at the Balance Sheet date the Company does not have accumulated losses in excess of fifty percent of its net worth and has not incurred cash loss in the current 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 financial institutions or banks. The Company does not have any outstanding debentures. (xii) According to the information and explanations given to us, the Company has not granted loans and advances on the basis of security, by way of pledge of shares, debentures and other securities. (xiii) To the best of our knowledge and belief and according to the information and explanations given to us, the Company is not a chit fund or a nidhi / mutual benefit fund / society. Accordingly, the provisions of clause 4 (xiii) of the Order are not applicable to the Company. (xiv) To the best of our knowledge and belief and according to the information and explanations given to us, the Company is not dealing in or trading in shares, securities, debentures and other investments. Accordingly, the provisions of clause 4 (xiv) of the Order are not applicable to the Company. (xv) According to the information and explanation given to us, the Company has not given any guarantee for loans taken by others from any bank or financial institutions. (xvi) During the year, the Company has not taken any term loans. In our opinion and according to the information and explanation given to us the term loans taken in the earlier years and outstanding during the year have been applied for the purposes for which they were obtained. (xvii) According to the information and explanations given to us, and on an overall examination of the Balance Sheet of the Company, funds raised on short-term basis have, prima facie, not been used during the year for long-term investments. (xviii) To the best of our knowledge and according to the information and explanations given to us, the Company has not made any preferential allotment of shares to parties and companies covered in the Register maintained under Section 301 of the Companies Act, 1956. (xix) During the year the company did not have any outstanding Debentures. (xx) The Company has not raised any money during the year by way of public issue. (xxi) To the best of our knowledge and belief and according to the information and explanations given to us, no material fraud on or by the Company was noticed or reported during the year. For N.M. Raiji & Co., Chartered Accountants Firm Regn. No: 108296W Vinay D. Balse Partner Membership No. 39434 Place: Mumbai Date : May 3, 2014