SENSEX NIFTY
HCL Technologies | Auditor's Report > Computers - Software > Auditor's Report from HCL Technologies - BSE: 532281, NSE: HCLTECH
YOU ARE HERE > MONEYCONTROL > MARKETS > COMPUTERS - SOFTWARE > AUDITORS REPORT - HCL Technologies
HCL Technologies
BSE: 532281|NSE: HCLTECH|ISIN: INE860A01027|SECTOR: Computers - Software
SET ALERT
|
ADD TO PORTFOLIO
|
WATCHLIST
LIVE
BSE
Feb 12, 15:32
801.00
-8.1 (-1%)
VOLUME 75,987
LIVE
NSE
Feb 12, 15:30
798.25
-9.75 (-1.21%)
VOLUME 1,391,647
« Jun 14
Auditor's Report (HCL Technologies) Year End : Jun '15
We have audited the accompanying Standalone Financial Statements of HCL
 Technologies Limited (the Company), which comprise the Balance Sheet
 as at June 30, 2015, the Statement of Profit and Loss and 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
 
 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 there under. 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,but not for the purpose of expressing an opinion on
 whether the Company has in place an adequate internal financial
 controls system over financial reporting and the effectiveness of such
 controls. 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 June 30, 2015, its profit, and its cash flows for the year ended on
 that date.
 
 Report on Other Legal and Regulatory Requirements
 
 1 As required by the Companies (Auditor''s report) Order, 2015 (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 June 30, 2015, and taken on record by the Board of Directors,
 none of the directors is disqualified as on June 30, 2015, from being
 appointed as a director in terms of section 164 (2) of the Act;
 
 (f) 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 June 30, 2015;
 
 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 June 30,
 2015;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 Annexure referred to in paragraph 1 of the section on Report on Other
 Legal and Regulatory Requirements of our report of even date Re: HCL
 Technologies Limited (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 the 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.
 
 (ii) (a) The management has conducted physical verification of
 inventory at reasonable intervals during the year.
 
 (b) The procedures of 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 is maintaining proper records of inventory and no
 material discrepancies were noticed on 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 or other parties covered in the register maintained under section
 189 of the Companies Act, 2013.  Accordingly, the provisions of clause
 3(iii) (a) and (b) 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, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business, for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. During the course of our audit, we have not observed any
 major weakness or continuing failure to correct any major weakness in
 the internal control system of the company in respect of these areas.
 
 (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) The Company is regular in depositing with appropriate
 authorities undisputed statutory dues including provident fund,
 employees'' state insurance, income-tax, sales-tax, wealth-tax, service
 tax, customs duty, excise duty, value added tax, cess and other
 material statutory dues applicable to it.
 
 (b) According to the information and explanations given to us, no
 undisputed amounts payable in respect of provident fund, employees''
 state insurance, income-tax, wealth-tax, service tax, sales-tax,
 customs duty, excise duty, 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, wealth-tax, service tax, customs duty, excise
 duty, value added tax and cess on account of any dispute, are as
 follows:
 
 Name of       Nature of          Amount
 the Statute   Dues (Rs.)
 
 Income Tax    Income Tax     14,466,193
 Act, 1961#
 
 Income Tax    Income Tax    121,896,648
 Act, 1961#
 
 Income Tax    Income Tax      1,959,632
 Act, 1961#
 
 Income Tax    Income Tax        126,674
 Act, 1961#
 
 Income Tax    Income Tax    925,475,897
 Act, 1961
 
 Income Tax    Income Tax    494,096,804
 Act, 1961
 
 Income Tax    Income Tax  1,797,077,617 
 Act, 1961
 
 Income Tax    Income Tax     88,854,241
 Act, 1961#
 
 Income Tax    Income Tax  1,590,135,881 
 Act, 1961
 
 Income Tax    Income Tax        650,674
 Act, 1961#
 
 Income Tax    Income Tax    137,097,922
 Act, 1961
 
 Income Tax    Income Tax      9,825,346
 Act, 1961
 
 Income Tax    Income Tax     82,365,915
 Act, 1961
 
 Income Tax    Income Tax     14,660,911
 Act, 1961
 
 Income Tax    Income Tax     59,070,422
 Act, 1961*
 
 Income Tax    Income Tax         20,696
 Act, 1961#
 
 Income Tax    Income Tax     17,640,000
 Act, 1961
 
 Income Tax    Income Tax     73,604,302
 Act, 1961*
 
 Income Tax    Income Tax    440,744,283
 Act, 1961
 
 Income Tax    Income Tax     23,055,804
 Act, 1961*
 
 Name of the            Period to    Forum where
 Statute                which the    dispute is
                        amount       pending
                        relates
 
 Income Tax Act 1961#   2011-12      Commissioner of Income Tax (Appeals)
 
 Income Tax Act,1961#   2010-11      Commissioner of Income Tax (Appeals)
 
 Income Tax Act,1961#   2009-10      Commissioner of Income Tax (Appeals)
 
 Income Tax Act,1961#   2007-08      Commissioner of Income Tax (Appeals)
 
 Income Tax Act,1961    2010-11      Income Tax Appellate Tribunal
 
 Income Tax Act,1961    2009-10      Income Tax Appellate Tribunal
 
 Income Tax Act,1961    2007-08      Income Tax Appellate Tribunal
 
 Income Tax Act,1961#   2006-07      Income Tax Appellate Tribunal
 
 Income Tax Act,1961    2006-07      Income Tax Appellate Tribunal
 
 Income Tax Act,1961#   2005-06      Commissioner of Income Tax (Appeals)
 
 Income Tax Act,1961#   2005-06      Commissioner of Income Tax (Appeals)
 
 Income Tax Act,1961    2005-06      Income Tax Appellate Tribunal
 
 Income Tax Act,1961    2005-06      Income Tax Appellate Tribunal
 
 Income Tax Act,1961    2005-06      Income Tax Appellate Tribunal
 
 Income Tax Act,1961*   2005-06      Delhi High Court
 
 Income Tax Act,1961#   2004-05      Income Tax Appellate Tribunal
 
 Income tax Act,1961    2004-05      Delhi High Court
 
 Income Tax Act,1961*   2004-05      Delhi High Court
 
 Income Tax Act,1961    2004-05      Supreme Court of India
 
 Income Tax Act,1961*   2004-05      Delhi High Court
 
 Name of       Nature of             Amount
 the Statute   Dues                  (Rs.)
 
 Income Tax    Income Tax           217,648
 Act, 1961#
 
 Income Tax    Income Tax       208,566,888
 Act, 1961*
 
 Income Tax    Income Tax         1,660,000
 Act, 1961
 
 Income Tax    Income Tax       109,913,332
 Act, 1961
 
 Income Tax    Income Tax        14,255,745
 Act, 1961
 
 Income Tax    Income Tax        18,280,770
 Act, 1961
 
 Income Tax    Income Tax        66,575,462
 Act, 1961
 
 Income Tax    Income Tax         2,852,500
 Act, 1961
 
 Finance Act   Service Tax        1,141,542
 1994, read
 with Service
 Tax Rules,
 1994
 
 Finance Act   Service Tax          413,219
 1994, read
 with Service
 Tax Rules,
 1994
 
 Finance Act   Service Tax       21,512,883
 1994, read
 with Service
 Tax Rules,
 1994
 
 Finance Act   Service Tax        8,162,466
 1994, read
 with Service
 Tax Rules,
 1994
 
 Central       Excise Act        17,367,443
 Excise Act,
 1944
 
 Customs Act,  Custom Duty        5,517,609
 1962
 
 Name of the Statute   Period to   Forum where
                       which the   dispute is
                       amount      pending
                       relates
 
 Income Tax Act,1961#  2003-04     Income Tax Appellate Tribunal
 
 Income Tax Act,1961*  2003-04     Delhi High Court
 
 Income Tax Act,1961   2003-04     Delhi High Court
 
 Income Tax Act,1961   2003-04     Income Tax Appellate Tribunal
 
 Income Tax Act,1961   2003-04     Supreme Court of India
 
 Income Tax Act,1961   2002-03     Income Tax Appellate Tribunal
 
 Income Tax Act,1961   2002-03     Supreme Court of India
 
 Income Tax Act,1961   2001-02     Delhi High Court
 
 Financing Act,1994    2006-11     Customs, Excise, Service Tax 
 read with service                 Appellant Tribunal, New Delhi
 Tax Rules,1944
 
 Financing Act,1944    2009-10     Customs, Excise, Service Tax 
 read with Service                 Appellant Tribunal, New Delhi
 Tax Rules,1944
   
 Financing Act,1944    2006-07     Commissioner Appeals, Central 
 read with service                 Excise, Noida
 Tax Rules,1944
 
 Financing Act,1944    2006-07     Customs, Excise, Service Tax 
 read with Service                 Appellant Tribunal, New Delhi
 Tax Rules,1944
 
 Central Excise 
 Act,1944              2011-12     Customs, Excise, Service Tax 
                                   Appellant Tribunal, Chennai
 
 Central Excise 
 Act,1944              2005-06     Customs, Excise, Service Tax 
                                   Appellant Tribunal, Bangalore
 
 * 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
 
 (d) According to the information and explanations given to us, the
 amount required to be transferred to investor education and protection
 fund in accordance with the relevant provisions of the Companies Act,
 1956 (1 of 1956) and rules made there under has been transferred to such
 fund within time.
 
 (viii) The Company has no accumulated losses at the end of the
 financial year and it has not incurred cash losses in the current and
 immediately preceding financial year.
 
 (ix) Based on our audit procedures and as per the 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.
 
 (x) According to the information and explanations given to us, the
 Company has given guarantee for loans taken by others from banks and
 financial institutions, the terms and conditions whereof, in our
 opinion, are not prima-facie prejudicial to the interest of the
 Company.
 
 (xi) Based on the information and explanations given to us by the
 management, term loans were applied for the purpose for which the loans
 were obtained.
 
 (xii) Based upon the audit procedures performed for the purpose of
 reporting the true and fair view of the financial statements and as per
 the information and explanations given by the management, we report
 that no fraud on or by the Company has been noticed or reported during
 the year.
 
 For S.R. BATLIBOI & CO. LLP
 
 Chartered Accountants
 
 ICAI Firm Registration Number: 301003E
 
 per Tridibes Basu
 
 Partner
 
 Membership Number: 17401
 
 Place: Gurgaon 
 
 Date : August 3, 2015
Source : Dion Global Solutions Limited
Quick Links for hcltechnologies
Explore Moneycontrol
Stocks     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | Others
Mutual Funds     A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z
Copyright © e-Eighteen.com Ltd. All rights reserved. Reproduction of news articles, photos, videos or any other content in whole or in part in any form or medium without express written permission of moneycontrol.com is prohibited.