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HCL Technologies

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« Jun 15
Auditor's Report (HCL Technologies) Year End : Mar '16
We have audited the accompanying Standalone Financial Statements of HCL
 Technologies Limited (the Company), which comprise the Balance Sheet
 as at March 31, 2016, the Statement of Profit and Loss and Cash Flow
 Statement for the financial year (nine months period - July 1, 2015 to
 March 31, 2016) then ended, and a summary of significant accounting
 policies and other explanatory information.
 
 Management''s Responsibility for the Financial Statements
 
 The Company''s Board of Directors is responsible for the matters stated
 in Section 134(5) of the Companies Act, 2013 (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 and
 cash flows of the Company in accordance with accounting principles
 generally accepted in India, including the Accounting Standards
 specified under section 133 of the Act, read with Rule 7 of the
 Companies (Accounts) Rules, 2014. 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 judgments
 and estimates that are reasonable and prudent; and the design,
 implementation and maintenance of adequate internal financial control
 that were operating effectively for ensuring the accuracy and
 completeness of the accounting records, 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.
 
 Auditor''s Responsibility
 
 Our responsibility is to express an opinion on these Standalone
 Financial Statements based on our audit. We have taken into account the
 provisions of the Act, the accounting and auditing standards and
 matters which are required to be included in the audit report under the
 provisions of the Act and the Rules made thereunder. We conducted our
 audit in accordance with the Standards on Auditing, issued by the
 Institute of Chartered Accountants of India, as specified under Section
 143(10) of the Act. 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 the financial statements, whether
 due to fraud or error. In making those risk assessments, the auditor
 considers internal financial control relevant to the Company''s
 preparation of the financial statements that give a true and fair view
 in order to design audit procedures that are appropriate in the
 circumstances. An audit also includes evaluating the appropriateness of
 accounting policies used and the reasonableness of the accounting
 estimates made by the Company''s Directors, 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 on the Standalone Financial
 Statements.
 
 Opinion
 
 In our opinion and to the best of our information and according to the
 explanations given to us, the Standalone 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 of the state of affairs of the Company as
 at March 31, 2016, its profit, and its cash flows for the financial
 year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1.  As required by the Companies (Auditor''s report) Order, 2016 (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 1 a
 statement on the matters specified in paragraphs 3 and 4 of the Order.
 
 2.  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
 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 it 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 aforesaid standalone financial statements
 comply with the Accounting Standards specified under section 133 of the
 Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;
 
 (e) On the basis of written representations received from the Directors
 as on March 31, 2016, and taken on record by the Board of Directors,
 none of the Directors is disqualified as on March 31, 2016, from being
 appointed as a Director in terms of section 164 (2) of the Act;
 
 (f) With respect to the adequacy of the internal financial controls
 over financial reporting of the Company and the operating effectiveness
 of such controls, refer to our separate report in Annexure 2 to this
 report;
 
 (g) With respect to the other matters to be included in the Auditor''s
 Report in accordance with Rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our information and
 according to the explanations given to us:
 
 i.  The Company has disclosed the impact of pending litigations on its
 financial position in its financial statements as of March 31, 2016;
 
 ii.  The Company has made provision, as required under the applicable
 law or accounting standards, for material foreseeable losses, if any,
 on long-term contracts including derivative contracts as of March 31,
 2016;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 (i) (a) The Company has maintained proper records showing full
 particulars, including quantitative details and situation of fixed
 assets.
 
 (b) All fixed assets were physically verified by the management in
 accordance with a planned programme of verifying them in phased manner
 over a period of three years which, in our opinion, is reasonable
 having regard to the size of the Company and the nature of its assets.
 No material discrepancies were noticed on such verification conducted
 during the financial year.
 
 (c) Based on our audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to information and explanations given by the management, the
 title deeds of immovable properties are held in the name of the
 company.
 
 (ii) The management has conducted physical verification of inventory at
 reasonable intervals during the financial year and no material
 discrepancies were noticed on such physical verification.
 
 (iii) According to the information and explanations given to us, the
 Company has not granted any loans, secured or unsecured to companies,
 firms, Limited Liability Partnerships or other parties covered in the
 register maintained under section 189 of the Companies Act, 2013.
 Accordingly, the provisions of clause 3(iii)(a), (b) and (c) of the
 Order are not applicable to the Company and hence not commented upon.
 
 (iv) In our opinion and according to the information and explanations
 given to us, the Company has not advanced loans to directors / to a
 company in which the Director is interested to which provisions of
 section 185 of the Companies Act, 2013 apply and hence not commented
 upon. In our opinion and according to the information and explanations
 given to us, provisions of section 185 and 186 of the Companies Act
 2013 in respect investments made and, guarantees given have been
 complied with by the company.
 
 (v) The Company has not accepted any deposits from the public.
 
 (vi) To the best of our knowledge and as explained, the Central
 Government has not specified the maintenance of cost records under
 clause 148(1) of the Companies Act, 2013, for the products/services of
 the Company.
 
 (vii) (a) Undisputed statutory dues including provident fund,
 employees'' state insurance, income-tax, sales-tax, service tax, duty of
 custom, duty of excise, value added tax, cess and other material
 statutory dues have generally been regularly deposited with the
 appropriate authorities though there has been a slight delay in a few
 cases.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, employees''
 state insurance, income-tax, service tax, sales-tax, duty of custom,
 duty of excise, value added tax, cess and other material statutory dues
 were outstanding, at the year end, for a period of more than six months
 from the date they became payable.
 
 (c) According to the records of the Company, the dues outstanding of
 income-tax, sales-tax, service tax, duty of custom, duty of excise and
 value added tax on account of any dispute, are as follows:
 
 Name of       Nature of       Amount      Period to     Forum where
 the Statute   Dues           (Rs.)        which the     dispute is
                                           amount        pending
                                           relates
 
 Income Tax    Income Tax      47,920      2011-12       Commissioner
 Act, 1961#                                              of Income Tax
                                                        (Appeals)
 
 Income        Income Tax  25,126,272      2010-11       Income Tax
 Tax Act, 1961                                           Appellate 
                                                         Tribunal
 
 Income Tax    Income Tax  15,730,230      2010-11       Commissioner
 Act, 1961#                                              of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax 131,323,113      2009-10       Commissioner 
 Act, 1961#                                              of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax 355,749,760      2009-10       Income Tax 
 Act, 1961                                               Appellate
                                                         Tribunal
 
 Income Tax    Income Tax   2,095,846      2008-09       Commissioner
 Act, 1961#                                              of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax  402,841,530     2008-09       Income Tax 
 Act, 1961                                               Appellate 
                                                         Tribunal
 
 Income Tax    Income Tax   2,958,374      2008-09       Commissioner 
 Act, 1961                                               of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax 1,909,207,468    2006-07       Income Tax 
 Act, 1961                                               Appellate 
                                                         Tribunal
 
 Income Tax    Income Tax   93,002,545     2005-06       Income Tax 
 Act, 1961#                                              Appellate 
                                                         Tribunal
 
 Income Tax    Income Tax  1,669,402,243   2005-06       Income Tax 
 Act, 1961                                               Appellate 
                                                         Tribunal
 
 Income Tax    Income Tax      681,495     2004-05       Income Tax
 Act, 1961#                                              Appellate 
                                                         Tribunal
 
 Income Tax    Income Tax   149,077,352    2004-05       Commissioner 
 Act, 1961                                               of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax    10,326,000    2004-05       Income Tax 
 Act, 1961                                               Appellate
                                                         Tribunal
 
 Income Tax    Income Tax   139,044,529    2004-05       Income Tax 
                                                         Act, 1961
                                                         Appellate  
                                                         Tribunal
 
 Income Tax    Income Tax    15,398,052    2004-05       Income Tax 
 Act, 1961                                               Appellate
                                                         Tribunal
 
 Income Tax    Income Tax    62,522,590    2004-05       Delhi High
                                                         Court
 Act, 1961*
 
 Income Tax    Income Tax     1,864,476    2004-05       Commissioner
 Act, 1961                                               of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax    24,739,773    2003-04       Commissioner 
 Act, 1961                                               of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax       136,945    2003-04       Commissioner
 Act, 1961#                                              of Income Tax
                                                        (Appeals)
 
 Income Tax    Income Tax    18,585,000    2003-04       Delhi High 
                                                         Court
 Act, 1961
 
 Income Tax    Income Tax    77,905,852    2003-04       Delhi High 
                                                         Court
 Act, 1961*
 
 Income Tax    Income Tax   460,381,404    2003-04       Supreme Court
 Act, 1961
 
 Income Tax    Income Tax    24,403,221    2003-04       Delhi High 
                                                         Court 
 Act, 1961*
 
 Name of       Nature of         Amount    Period to     Forum where
 the Statute   Dues               (Rs.)    which the     dispute is
                                           amount        pending 
                                           relates
 
 Income Tax    Income Tax     220,755,862  2002-03       Delhi High 
                                                         Court
 Act, 1961*
 
 Income Tax    Income Tax       1,770,000  2002-03       Delhi High 
                                                         Court
 Act, 1961
 
 Income Tax    Income Tax     115,439,700  2002-03       Income Tax 
 Act, 1961                                               Appellate 
                                                         Tribunal 
 
 Income Tax    Income Tax      14,789,871  2002-03       Supreme Court
 Act, 1961                                               of India 
 
 Income Tax    Income Tax      77,203,046  2001-02       Income Tax 
 Act, 1961                                               Appellate 
                                                         Tribunal 
 
 Income Tax    Income Tax      69,238,607  2001-02       Supreme Court 
 Act, 1961                                               of India 
 
 Income Tax    Income Tax       3,010,000  2000-01       Delhi High 
                                                         Court 
 Act, 1961
 
 Finance Act   Service Tax      1,398,389  2006-11       Customs, 
                                                         Excise,
 1994, read 
 with                                                    Service Tax
 Service Tax                                             Appellant 
                                                         Tribunal,
 Rules, 1994                                             New Delhi
 
 Finance Act   Service Tax        506,193  2009-10       Customs, 
                                                         Excise,
 1994, read 
 with                                                    Service Tax
 Service Tax                                             Appellant
                                                         Tribunal,
 Rules, 1994                                             New Delhi
 
 Finance Act   Service Tax     26,353,282  2006-07       Commissioner 
 1994, read 
 with                                                    Appeals, 
                                                         Central
 Service Tax                                             Excise, Noida
 Rules, 1994
 
 Finance Act   Service Tax      9,999,021  2006-07       Customs, 
                                                         Excise, 
 1994, read
 with                                                    Service Tax
 Service Tax                                             Appellant 
                                                         Tribunal,
 Rules, 1994                                             New Delhi
 
 Central 
 Excise        Excise Duty     15,388,874  2011-12       Commissioner
 Act 1944                                                Appeals, 
                                                         Central
                                                         Excise, Chennai
 
 Customs Act,  Custom Duty      5,972,497  2005-06       Customs, 
                                                         Excise, 
 1962                                                    Service Tax
 
                                                         Appellant 
                                                         Tribunal, 
                                                         Bangalore
 
 Customs Act,  Custom Duty      2,717,465  2006-07       Common 
 1962                                                    Adjudicating
                                                         Authority 
                                                        (Directorate 
                                                         of Revenue 
                                                         Intelligence)
 
 * In these cases tax demand may arise only if the matter currently
 subjudice before Honorable Delhi High Court is decided against the
 Company.
 
 # Pursuant to scheme for demerger of IT enabled business of HCL Comnet
 Systems & Services Limited in FY 2012 - 13.
 
 (viii) Based on our audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to information and explanations given by the management, we
 are of the opinion that the Company has not defaulted in repayment of
 dues to a financial institution, bank or debenture holders or
 government.
 
 (ix) Based on our audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to the information and explanations given by the management
 and on an overall examination of the balance sheet, we report that
 monies raised by way of term loans were applied for the purposes for
 which those were raised. The Company has not raised any money by way of
 initial public offer / further public offer or any debt instrument
 during the financial year.
 
 (x) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to the information and explanations given by the management,
 we report that no fraud by the company or no material fraud r by the
 officers and employees of the Company has been noticed or reported
 during the financial year.
 
 (xi) Based on our audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to the information and explanations given by the management,
 we report that the managerial remuneration has been paid / provided in
 accordance with the requisite approvals mandated by the provisions of
 section 197 read with Schedule V to the Companies Act, 2013.
 
 (xii) In our opinion, the Company is not a nidhi company. Therefore,
 the provisions of clause 3(xii) of the order are not applicable to the
 Company and hence not commented upon.
 
 (xiii) Based on our audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to the information and explanations given by the management,
 transactions with the related parties are in compliance with section
 177 and 188 of Companies Act, 2013 where applicable and the details
 have been disclosed in the notes to the financial statements, as
 required by the applicable accounting standards.
 
 (xiv) According to the information and explanations given to us and on
 an overall examination of the balance sheet, the company has not made
 any preferential allotment or private placement of shares or fully or
 partly convertible debentures during the financial year under review
 and hence not commented upon.
 
 (xv) Based on our audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and
 according to the information and explanations given by the management,
 the Company has not entered into any non-cash transactions with
 directors or persons connected with him.
 
 (xvi) According to the information and explanations given to us, the
 provisions of section 45-IA of the Reserve Bank of India Act, 1934 are
 not applicable to the Company.
 
 For S.R. BATLIBOI & CO. LLP
 
 Chartered Accountants
 
 ICAI Firm registration number: 301003E
 
 
 per Tridibes Basu
 
 Partner
 
 Membership Number: 17401
 
 
 Place of Signature: Gurgaon, India
 
 Date: April 28, 2016
Source : Dion Global Solutions Limited
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