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Hexaware Technologies Ltd.

BSE: 532129 Sector: IT
NSE: HEXAWARE ISIN Code: INE093A01033
BSE LIVE 11:52 | 18 Oct 282.30 1.70
(0.61%)
OPEN

281.10

HIGH

285.30

LOW

281.10

NSE 11:40 | 18 Oct 283.15 2.30
(0.82%)
OPEN

281.80

HIGH

285.65

LOW

281.45

OPEN 281.10
PREVIOUS CLOSE 280.60
VOLUME 39066
52-Week high 285.30
52-Week low 178.10
P/E 20.67
Mkt Cap.(Rs cr) 8,377
Buy Price 282.30
Buy Qty 19.00
Sell Price 282.50
Sell Qty 100.00
OPEN 281.10
CLOSE 280.60
VOLUME 39066
52-Week high 285.30
52-Week low 178.10
P/E 20.67
Mkt Cap.(Rs cr) 8,377
Buy Price 282.30
Buy Qty 19.00
Sell Price 282.50
Sell Qty 100.00

Hexaware Technologies Ltd. (HEXAWARE) - Auditors Report

Company auditors report

To the Members of HEXAWARE TECHNOLOGIES LIMITED

Report on the Standalone Financial Statements

We have audited the accompanying standalone financial statements of HEXAWARETECHNOLOGIES LIMITED ("the Company") which comprise the Balance Sheet as at31st December 2015 the Statement of Profit and Loss the Cash Flow Statement for theyear then ended and a summary of the significant accounting policies and otherexplanatory information.

Management’s Responsibility for the Standalone Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese standalone financial statements that give a true and fair view of the financialposition financial performance and cash flows of the Company in accordance with theaccounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts)Rules 2014. This responsibility also includes maintenance of adequate accounting recordsin accordance with the provisions of the Act for safeguarding the assets of the Companyand for preventing and detecting frauds and other irregularities; selection andapplication of appropriate accounting policies; making judgments and estimates that arereasonable and prudent; and design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the accuracy andcompleteness of the accounting records relevant to the preparation and presentation ofthe financial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express an opinion on these standalone financial statementsbased on our audit.

We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts andthe disclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances but not for the purpose ofexpressing an opinion on whether the Company has in place an adequate internal financialcontrols system over financial reporting and the operating effectiveness of such controls.An audit also includes evaluating the appropriateness of the accounting policies used andthe reasonableness of the accounting estimates made by the Company’s Directors aswell as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide 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 explanationsgiven to us the aforesaid standalone financial statements give the information requiredby the Act in the manner so required and give a true and fair view in conformity with theaccounting principles generally accepted in India of the state of affairs of the Companyas at 31st December 2015 and its profit and its cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

1. As required by the Companies (Auditor’s Report) Order 2015 ("theOrder") issued by the Central Government in terms of Section 143(11) of the Act wegive in the Annexure a statement on the matters specified in paragraphs 3 and 4 of theOrder.

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 bestof 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 theCompany 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 Statementdealt with by this Report are in agreement with the books of account.

(d) In our opinion the aforesaid standalone financial statements comply with theAccounting Standards specified under Section 133 of the Act read with Rule 7 of theCompanies (Accounts) Rules 2014.

(e) On the basis of the written representations received from the directors as on 31stDecember 2015 taken on record by the Board of Directors none of the directors isdisqualified as on 31st December 2015 from being appointed as a director in terms ofSection 164 (2) of the Act.

(f) With respect to the other matters to be included in the Auditor’s Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinionand to the best of our information and according to the explanations given to us: i. TheCompany has disclosed the impact of pending litigations on its financial position in itsfinancial statements - Refer Note 22 to the financial statements;

ii. The Company did not have any long-term contracts including derivative contracts forwhich there were any material foreseeable losses;

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

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Abhijit A. Damle
Partner
MUMBAI 3rd February 2016 (Membership No. 102912)

ANNEXURE TO THE INDEPENDENT AUDITOR’S REPORT

(Referred to in paragraph 1 under ‘Report on Other Legal and RegulatoryRequirements’ section of our report of even date)

Having regard to the nature of the Company’s business / activities / resultsduring the year clauses (ii) (v) (vi) (ix) and (xi) of paragraph 3 of the Order arenot applicable to the Company.

i) In respect of its fixed assets:

a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

b) The fixed assets were physically verified during the year by the Management inaccordance with a regular programme of verification which in our opinion provides forphysical verification of all the fixed assets at reasonable intervals. According to theinformation and explanation given to us no material discrepancies were noticed on suchverification.

ii) The Company has not granted loans secured or unsecured to companies firms orother parties covered in the Register maintained under Section 189 of the Companies Act2013.

iii) In our opinion and according to the information and explanations given to usthere is an adequate internal control system commensurate with the size of the Company andthe nature of its business for the purchase of fixed assets and for the sale of services.The activities of the Company do not involve purchase of inventory and sale of goods.During the course of our audit we have not observed any failure to correct major weaknessin such internal control system.

iv) According to the information and explanations given to us in respect of statutorydues:

a) The Company has been generally regular in depositing undisputed statutory duesincluding Provident Fund Employees’ State Insurance Income Tax Sales Tax WealthTax Service Tax Customs Duty Excise Duty Value Added Tax Cess and other materialstatutory dues applicable to it with the appropriate authorities.

b) There were no undisputed amounts payable in respect of Provident FundEmployees’ State Insurance Income Tax Sales Tax Wealth Tax Service Tax CustomsDuty Excise Duty Value Added Tax Cess and other material statutory dues in arrears asat 31st December 2015 for a period of more than six months from the date they becamepayable.

c) Details of dues of Income Tax Sales Tax Wealth Tax Service Tax Customs DutyExcise Duty Value Added Tax and Cess as applicable which have not been deposited as on31st December 2015 on account of disputes are given below:

Name of statute Nature of the dues Amount (Rs. in Million) Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Income Tax 1.46 Assessment Year 2009-10 Assessing officer
Income Tax Act 1961 Income Tax 3.99 Assessment Year 2010-11 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Income Tax 2.76 Assessment Year 2011-12 Assessing officer

d) The Company has been regular in transferring amounts to the Investor Education andProtection Fund in accordance with the relevant provisions of the Companies Act 1956 (1of 1956) and Rules made thereunder within time.

v) The Company does not have accumulated losses at the end of the financial year andthe Company has not incurred cash losses during the financial year covered by our auditand in the immediately preceding financial year.

vi) According to the information and explanations given to us the Company has notgiven guarantees for loans taken by Others from banks and financial institutions.

vii) To the best of our knowledge and according to the information and explanationsgiven to us no fraud by the Company and no material fraud on the Company has been noticedor reported during the year.

For DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm’s Registration No. 117366W/W-100018)
Abhijit A. Damle
Partner
MUMBAI 3rd February 2016 (Membership No. 102912)