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WENDT (INDIA) LTD.

13 August 2025 | 03:58

Industry >> Abrasives And Grinding Wheels

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ISIN No INE274C01019 BSE Code / NSE Code 505412 / WENDT Book Value (Rs.) 1,148.35 Face Value 10.00
Bookclosure 14/07/2025 52Week High 18034 EPS 197.40 P/E 50.74
Market Cap. 2003.10 Cr. 52Week Low 8162 P/BV / Div Yield (%) 8.72 / 0.50 Market Lot 1.00
Security Type Other

AUDITOR'S REPORT

You can view full text of the latest Director's Report for the company.
Year End :2025-03 

1. We have audited the accompanying standalone financial statements of Wendt (India) Limited (“the Company”), which
comprise the Standalone Balance Sheet as at March 31, 2025, and the Standalone Statement of Profit and Loss
(including Other Comprehensive Income), the Standalone Statement of Changes in Equity and the Standalone
Statement of Cash Flows for the year then ended, and notes to the standalone financial statements, including material
accounting policy information and other explanatory information (hereinafter referred to as “the standalone financial
statements”).

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone
financial statements give the information required by the Companies Act, 2013 (“the Act") in the manner so required and
give a true and fair view in conformity with the accounting principles generally accepted in India, of the state of affairs of
the Company as at March 31,2025, and total comprehensive income (comprising of profit and other comprehensive
loss), changes in equity 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 Act.
Our responsibilities under those Standards are further described in the “Auditors' responsibilities for the audit of the
standalone financial statements” section of our report. We are independent of the Company in accordance with the Code
of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant
to our audit of the standalone financial statements under the provisions of the Act and the Rules thereunder, and we have
fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that
the audit evidence we have obtained 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 judgement, were of most significance in our audit of the
standalone financial statements of the current period. These matters were addressed in the context of our audit of the
standalone financial statements as a whole and in forming our opinion thereon, and we do not provide a separate opinion
on these matters.

Key Audit Matter

How our audit addressed the key audit matter

1. Appropriateness of revenue recognition on sale

Our audit procedures relating to revenue recognition

of goods

included the following:

Refer Note 22 (Revenue from contract with customers) of

a.

Understood and performed procedures to assess the

the standalone financial statements.

design and test the operating effectiveness of

The Company's revenue principally comprises sale of

management's key internal financial controls in

goods. Revenue from the sale of goods is recognised at a
point in time when the control of the goods is transferred to

relation to revenue recognition.

the customers, which is on dispatch or delivery in

b.

Assessed the appropriateness of the revenue

accordance with the terms of sales contracts, and there

recognition accounting policies of the Company, by

are no unfulfilled obligations that could affect the

evaluating compliance with the Ind AS 115 ‘Revenue

customer's acceptance of the products.

from Contracts with Customers'.

We have identified the recognition of revenue as a key

c.

Tested the reconciliation of the amounts as per the

audit matter as the Company has various customers with

sales register to the general ledger; and the

different terms of sales contracts which increase the risk

reconciliation items on a sample basis.

of error in the timing of revenue recognition. Revenue
recognition is determined to be an area involving

d.

Selected samples of revenue transactions during the

significant risk and hence requiring significant auditor

year and inspected underlying documents which

attention. The Company and its external stakeholders

inter-alia included invoices, customer contracts or

focus on revenue as a key performance indicator and

orders and shipping documents or customers'

therefore there could be a risk of material misstatement in

acceptance, as applicable, to determine the revenue

so far as revenue recognition is concerned.

recognised in accordance with the terms of sales
contracts.

e.

Tested selected samples of revenue transactions
recorded before and after the financial year end date
to determine whether the revenue has been
recognised in accordance with the terms of the sales
contracts, in the appropriate financial period.

f.

Evaluated the appropriateness and adequacy of
disclosures in the standalone financial statements in
respect of revenue recognition.

Key Audit Matter

How our audit addressed the key audit matter

2. Appropriateness of capitalisation of an intangible
asset acquired during the year

Refer Note 6 to the standalone financial statements.

During the year, the Company incurred Rs. 3,508 Lakhs
towards the acquisition of a Trademark from Wendt
GmbH, an entity having significant influence over the
Company, which has been capitalised as an intangible
asset in the books of account.

The capitalisation of the cost of acquisition of the
Trademark has been determined to be a key audit matter
due to the judgement exercised by the management in
assessing whether the recognition criteria under Ind AS
38 “Intangible Assets” had been met and in determining
the estimated useful life over which the Trademark is
expected to generate future economic benefits including
key assumptions such as discount rate and expected
growth rate of revenue from operations considered in the
future cash flow projections.

Our audit procedures relating to the accounting for

Trademark as an intangible asset included the following:

• Understood the design and evaluated the operating
effectiveness of the internal financial controls around
capitalisation of intangible assets.

• Evaluated the commercial substance of the
transaction and management's process of assessing
the reasonableness of the transaction price, including
obtaining the approvals from the Board of Directors,
Audit Committee and Shareholders.

• Perused the valuation report obtained by the
management from an external professional services
firm (“management's expert”) and evaluated the
independence, competence, capabilities and
objectivity of the management's expert.

• Along with the involvement of auditors' experts:

o Assessed appropriateness of the valuation model
used by the management's expert;

o Evaluated reasonableness of the projections by
assessing the key assumptions such as discount
rate, growth rate, etc. used in the preparation of
the projections and determining the estimated
useful life of the Trademark; and

o Tested the projected future cash flows and
assessed whether those were consistent with our
knowledge and understanding of the Company's
business.

• Checked mathematical accuracy of the computations
in the model.

• Performed a sensitivity analysis in relation to key
assumptions.

• Evaluated the appropriateness and adequacy of
disclosures in the standalone financial statements.

Other information

5. The Company’s Board of Directors is responsible for the other information. The other information comprises the
information included in the Report of the Directors, Management Discussion and Analysis Report, Report on Corporate
Governance and Business Responsibility and Sustainability Report, but does not include the standalone financial
statements and our auditors’ report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form
of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and,
in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or
our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have
performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Responsibilities of management and those charged with governance for the standalone financial statements

6. The Company’s Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the
preparation of these standalone financial statements that give a true and fair view of the financial position, financial
performance, changes in equity and cash flows of the Company in accordance with the accounting principles generally
accepted in India, including the Indian Accounting Standards specified under Section 133 of the Act. This responsibility
also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding
of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgements and estimates that are reasonable and prudent; and design,
implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the
accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone
financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

7. In preparing the standalone financial statements, management is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern
basis of accounting unless Board of Directors either intends to liquidate the Company or to cease operations, or has no
realistic alternative but to do so.

8. Those Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditors’ responsibilities for the audit of the standalone financial statements

9. Our objectives are to obtain reasonable assurance about whether the standalone financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion.
Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are
considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic
decisions of users taken on the basis of these standalone financial statements.

10. As part of an audit in accordance with SAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial statements, whether due to fraud or
error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and
appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,
misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our
opinion on whether the Company has adequate internal financial controls with reference to standalone financial
statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the
audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast
significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty
exists, we are required to draw attention in our auditors’ report to the related disclosures in the standalone financial
statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit
evidence obtained up to the date of our auditors’ report. However, future events or conditions may cause the
Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial statements, including the
disclosures, and whether the standalone financial statements represent the underlying transactions and events in a
manner that achieves fair presentation.

11. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of
the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our
audit.

12. We also provide those charged with governance with a statement that we have complied with relevant ethical
requirements regarding independence, and to communicate with them all relationships and other matters that may
reasonably be thought to bear on our independence, and where applicable, related safeguards.

13. From the matters communicated with those charged with governance, we determine those matters that were of most
significance in the audit of the standalone financial statements of the current period and are therefore the key audit
matters. We describe these matters in our auditors’ report unless law or regulation precludes public disclosure about the
matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report
because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of
such communication.

Report on other legal and regulatory requirements

14. As required by the Companies (Auditor’s Report) Order, 2020 (“the Order”), issued by the Central Government of India in
terms of sub-section (11) of Section 143 of the Act, we give in the “Annexure B” a statement on the matters specified in
paragraphs 3 and 4 of the Order, to the extent applicable.

15. As required by Section 143(3) of the Act, we report that:

(a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were
necessary for the purposes of our audit.

(b) In our opinion, proper books of account as required by law have been kept by the Company so far as it appears from
our examination of those books, except for the matters stated in paragraph 15(h)(vi) below on reporting under Rule
11 (g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

(c) The Standalone Balance Sheet, the Standalone Statement of Profit and Loss (including Other Comprehensive
Income), the Standalone Statement of Changes in Equity and the Standalone Statement of Cash Flows dealt with by
this Report are in agreement with the books of account.

(d) In our opinion, the aforesaid standalone financial statements comply with the Indian Accounting Standards specified
under Section 133 of the Act.

(e) On the basis of the written representations received from the directors as on March 31,2025, taken on record by the
Board of Directors, none of the directors is disqualified as on March 31,2025, from being appointed as a director in
terms of Section 164(2) of the Act.

(f) With respect to the maintenance of accounts and other matters connected therewith, reference is made to our
remarks in paragraph 15(b) above on reporting under Section 143(3)(b) and paragraph 15(h)(vi) below on reporting
under Rule 11 (g) of the Companies (Audit and Auditors) Rules, 2014 (as amended).

(g) With respect to the adequacy of the internal financial controls with reference to standalone financial statements of the

Company and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”.

(h) With respect to the other matters to be included in the Auditors' Report in accordance with Rule 11 of the Companies

(Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the

explanations given to us:

i. The Company does not have any pending litigations which would impact its financial position.

ii. The Company was not required to recognise a provision as at March 31,2025 under the applicable law or Indian
Accounting Standards, as it does not have any material foreseeable losses on long-term contracts. The Company
did not have any derivative contracts as at March 31,2025.

iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education and
Protection Fund by the Company during the year.

iv. (a) The management has represented that, to the best of its knowledge and belief, as disclosed in the Notes to

the standalone financial statements, no funds have been advanced or loaned or invested (either from
borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other
person(s) or entity(ies), including foreign entities (“ Intermediaries” ), with the understanding, whether
recorded in writing or otherwise, that the Intermediaries shall, whether directly or indirectly, lend or invest in
other persons or entities identified in any manner whatsoever by or on behalf of the Company (“ Ultimate
Beneficiaries”) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer
Note 41 (vi)(a) to the standalone financial statements);

(b) The management has represented that, to the best of its knowledge and belief, as disclosed in the Notes to
the standalone financial statements, no funds have been received by the Company from any person(s) or
entity(ies), including foreign entities (“Funding Parties”), with the understanding, whether recorded in writing
or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities
identified in any manner whatsoever by or on behalf of the Funding Parties (“ Ultimate Beneficiaries”) or
provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries (Refer Note 41 (vi)(b) to the
standalone financial statements); and

(c) Based on such audit procedures that we considered reasonable and appropriate in the circumstances,
nothing has come to our notice that has caused us to believe that the representations under sub-clause (a)
and (b) contain any material misstatement.

v. The dividend declared and paid by the Company during the year is in compliance with Section 123 of the Act.

vi. Based on our examination, which included test checks, the Company has used an accounting software for
maintaining its books of account which has a feature of recording audit trail (edit log) facility and that has operated
throughout the year for all relevant transactions recorded in the software, except that the audit trail is not
maintained at the application level for modification, if any, by certain users with specific access and for direct
database changes. During the course of our audit, except for the aforesaid instances of audit trail not maintained
at application and database level, where the question of our commenting on whether the audit trail feature being
tampered with does not arise, we did not notice any instance of audit trail feature being tampered with. Further, the
audit trail has been preserved by the Company as per the statutory requirements for record retention.

16. The Company has provided for managerial remuneration in accordance with the requisite approvals mandated by the
provisions of Section 197 read with Schedule V to the Act.

For Price Waterhouse Chartered Accountants LLP
Firm Registration Number: 012754N/N500016
Jagadeesh Sridharan
Partner

Place: Bengaluru Membership Number: 217038

Date: April 23, 2025 UDIN: 25217038BMMLXI1516