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HEC Infra Projects Ltd.

BSE: 532533 Sector: Infrastructure
NSE: HECPROJECT ISIN Code: INE558R01013
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HEC Infra Projects Ltd. (HECPROJECT) - Auditors Report

Company auditors report

To

The Members of

HEC INFRA PROJECTS LIMITED

Report on the Financial Statements

We have audited the accompanying financial statements of HEC INFRA PROJECTS LIMITED (the Company) which comprise the Balance Sheet as at 31st March 2016 the Statement of Profit and Loss and the Cash Flow Statement for the year then ended and a summary of significant accounfing policies and other explanatory informafion.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in secfion 134(5) of the Companies Act 2013 (the Act) with respect to the preparafion and presentafion 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 accounfing principles generally accepted in India including the Accounfing Standards specified under Secfion 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014. This responsibility also includes the maintenance of adequate accounfing records in accordance with the provision of the Act for safeguarding of the assets of the Company and for prevenfing and detecfing the frauds and other irregularifies; selecfion and applicafion of appropriate accounfing policies; making judgments and esfimates that are reasonable and prudent; and design implementafion and maintenance of internal financial controls that were operafing effecfively for ensuring the accuracy and completeness of the accounfing records relevant to the preparafion and presentafion 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 financial statements based on our audit.

We have taken into account the provisions of the Act the accounfing and audifing 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 Audifing specified under secfion 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 control relevant to the Company's preparafion 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 evaluafing the appropriateness of accounfing policies used and the reasonableness of the accounfing esfimates made by the Company's Directors as well as evaluafing 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 financial statements.

Opinion

In our opinion and to the best of our information and according to the explanations given to us the aforesaid 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 31st March 2016 and 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 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- A a statement on the matters specified in paragraphs 3 and 4 of the Order to the extent applicable to the company.

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 relating to preparation of the financial statements have been kept by the Company so far as it appears from our examination of those books.

c) The Balance Sheet the Statement of Profit and Loss and the Cash Flow Statement dealt with by this Report are in agreement with the books of account maintained for the purpose of preparation of these financial statements.

d) In our opinion the aforesaid financial statements comply with the Accounting Standards specified under section 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 as applicable.

e) On the basis of written representations received from the directors as on 31st March 2016 and taken on record by the Board of Directors none of the directors is disqualified as on 31st March 2016 from being appointed as a director in terms of section 164(2) of the Act.

f) With respect to the adequacy of internal financial controls over financial reporting of the company and the operating effectiveness of such controls refer to our separate report in Annexure- B and

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 our best of our information and according to the explanations given to us:-

I The company did not have any pending litigations which could impact its financial position in its financial statements;

II The company did not have any long term contracts including derivative contracts for which there were any material Foreseeable losses.

III There were no amounts which are required to be transferred to the Investor Education and Protection Fund by the company.

For PARTH P SHAH & CO
CHARTERED ACCOUNTANTS
[FRN: 141540W]
Place : Ahmedabad(PARTH SHAH)
Date : 30.05.2016Proprietor
Membership No: 167721

HEC INFRA PROJECTS LIMITED

ANNEXURE -'A' TO THE INDEPENDENT AUDITORS' REPORT

(Referred to in paragraph 1 under 'Report on Other Legal and Regulatory Requirements' section of our Report of even date)

(I In respect of its Fixed Assets:-

(a) In our opinion the company has maintained proper records showing full particulars including quantitative details and situation of fixed assets;

(b) All fixed assets have been physically verified by the management at end of the year. No material discrepancies were noticed on such verification. In our opinion this periodicity of physical verification is reasonable having regards to the size of the company and the nature of its assets.

(c) According to the information and explanation given to us and on the basis of our examination of the records of the Company the title deeds of immovable properties are held in the name of the company.

(ii) In respect of its inventories:-

The inventory has been physically verified by the management at reasonable intervals during the year. The discrepancies noticed during the physical verification of inventories as compared to book records were not material and have been properly dealt with in the books of account.

(iii) According to information and explanation given to us the company has not granted any loans secured or unsecured to companies firms LLPs or other parties covered in the register maintained U/s 189 of the act. Accordingly para 3(iii) of the order is not applicable.

(iv) In our opinion and according to information and explanation given to us Provisions of section 185 and section 186 are not applicable to the company.

(v) The company has not accepted any deposits from public. Accordingly para 3(v) of the order is not applicable.

(vi) The central government has not prescribed the maintenance of cost records under section 148(1) of the act for any of the services rendered by the company.

(vii) (a) According to the information and explanations given to us during the year The company is generally regular in depositing undisputed statutory dues including Provident Fund Employees' State Insurance Income Tax Sales Tax wealth tax Service Tax Valued added tax duty of Customs duty of Excise Cess and other material statutory dues applicable to it with the appropriate authorities.

(b) There were no undisputed amounts payable in respect of Provident Fund Employees' State Insurance Income Tax Sales Tax Service Tax Value Added Tax duty of Customs duty of Excise Cess and other material statutory dues in arrears as at 31st March 2016 for a period of more than six months from the date they became payable.

(c) According to the information and explanations given to us there are no dues of income tax sales tax wealth tax service tax duty of customs duty of excise value added tax or cess which have not been deposited on account of any dispute.

(viii) In our opinion and according to the information and explanations given to us the company has not defaulted in repayment of loans or borrowings to banks. The company does not have any loans or borrowings from financial institutions.

(ix) In our opinion and according to the information and explanations given to us the company has utilized the money raised by way of initial public offer during the year and term loans for the purpose for which they were raised.

(x) To the best of our knowledge and according to the information and explanations given to us we report that no fraud by or on the company by its officers and employees has been noticed or reported during the year

(xi) According to the information and explanation given to us and based on examination of the records of the company the Company has paid / provided for managerial remuneration in accordance with requisite approvals mandated by the provisions of section 197 read with schedule V of the Act.

(xii) In our opinion and according to the information and explanation given to us the company is not a nidhi Company. Accordingly paragraph 3(xii) of the order is not applicable.

(xiii) According to the information and explanation given to us and based on our examination of the records of the company transactions with the related parties are in compliance with sections 177 and 188 of the Act where applicable and details of such transactions have been disclosed in the financial statements as required by the applicable accounting standards.

(xiv) According to the information and explanation given to us and based on our examination of the records of the company the company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures during the year.

(xv) In our opinion and according to the information and explanation given to us during the year the company has not entered into non-cash transactions with its directors or persons connected with him. Accordingly paragraph 3(xv) of the order is not applicable.

(xvi) The company is not required to be registered under section 45 IA of Reserve Bank of India Act 1934.

For PARTH P SHAH & CO.
CHARTERED ACCOUNTANTS
[FRN: 141540W]
Place : Ahmedabad(PARTH SHAH)
Date : 30.05.2016Proprietor
Membership No: 167721

ANNEXURE-B TO THE AUDITOR'S REPORT

Report on the internal Financial Controls under clause (i) of sub section 3 of Section 143 of the companies Act 2013 (the Act')

In conjunction with our audit of the financial statements of the company as of and for the year ended 31st March 2016 we have audited the internal financial controls over financial reporting of Company which is incorporated In india as of that date.

Management's Responsibility for Internal Financial Controls

The respective Board of Directors of Company are responsible for establishing and maintaining internal financial controls based on the internal financial control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting issued by the Institute of Chartered Accountants of India ('ICAI') .These responsibilities include the design implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of its business including adherence to company's policies the safeguarding of its assets the prevention and detection of frauds and errors the accuracy and completeness of the accounting records and the timely preparation of reliable financial information as required under the Companies Act 2013.

Auditors' Responsibility

Our responsibility is to express an opinion on the company's internal financial controls over financial reporting based on our audit. We conducted our audit in accordance with the Guidance Note on Audit of Internal Financial Controls over Financial Reporting (the Guidance Note) issued by ICAI and the standards on Auditing issued by ICAI and deemed to be prescribed under section 143(10) of Companies Act 2013 to the extent applicable to an audit of internal financial controls both applicable to an audit of Internal Financial Controls and both issued by the institute of Chartered Accountants of India. Those Standards and Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls over financial reporting was established and maintained and if such controls operated effectively in all material respects.

Our Audit involves performing procedures to obtain audit evidence about the adequacy of internal financial controls system over financial reporting and their operating effectiveness. Our audit of internal financial controls over financial reporting included obtaining an understanding of internal financial controls over financial reporting assessing the risk that a material weakness exists and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. 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.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide basis for our audit opinion on the Company's internal financial control system over financial reporting.

Meaning of Internal Financial Controls over financial Reporting

A Company's internal financial control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purpose in accordance with generally accepted accounting principles. A Company's internal financial controls over financial reporting includes those policies and procedures that

(1) Pertain to the maintenance of records that in reasonable detail; accurately and fairly reflect the transactions and disposition of assets of the Company;

(2) Provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and

(3) Provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition use or deposition of Company's assets that could have a material effect on the financial statements.

Internal Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financial reporting including the possibility of collusion or improper management override of controls material misstatements due to error or fraud may occur and not be detected. Also projections of any evaluation of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial over financial reporting may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the company in all material respects an adequate internal financial controls system over financial reporting and such internal financial controls over financial reporting were operating effectively as at 31st March 2016 based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance note on Audit of Internal Financial Controls Over Financial Reporting issued by the ICAI.

For PARTH P SHAH & CO.
CHARTERED ACCOUNTANTS
[FRN: 141540W]
Place : Ahmedabad(PARTH SHAH)
Date : 30.05.2016Proprietor
Membership No: 167721