TO THE MEMBERS OF HB PORTFOLIO LIMITED
Report on the Audit of the Standalone Financial Statements Opinion
We have audited the Standalone Financial Statement of HB PORTFOLIOLIMITED (the Company) which comprise the Balance Sheet as at 31stMarch 2019 the Statement of Profit and Loss and the Statement of Cash Flows for the yearthen ended and Notes to the Standalone Financial Statements including a summary ofsignificant Accounting Policies and other explanatory information.
In our opinion and to the best of our information and according to theexplanations given to us the aforesaid Standalone Financial Statements give theinformation required by the Companies Act 2013 (the Act) in the manner sorequired and give a true and fair view in conformity with the Companies AccountingStandard prescribed under Section 133 of the Act read with the Companies (Accounts) Rules2014 as amended and other Accounting Principles generally accepted in India of the stateof affairs of the Company as at 31st March 2019 and its profit and its cashflows for the year ended on that date.
Basis of Opinion
We conducted our Audit in accordance with the Standards on Auditing(SAs) specified under Section 143(10) of the Act. Our responsibilities under thoseStandards are further described in the Auditor's Responsibilities for the Audit ofthe Standalone Financial Statements section of our report. We are independent of theCompany in accordance with Code of Ethics issued by the Institute of Chartered Accountantsof India (ICAI) together with the ethical requirements that are relevant to our Audit ofthe Standalone Financial Statements under the provisions of the Companies Act 2013 andthe Rule thereunder and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the Code of Ethics. We believe that the auditevidence we have obtained is sufficient and appropriate to provide a basis of our opinion.
Key Audit Matters
We have determined that there are no key audit matter to communicate inour report.
Information Other than the Standalone financial statements andAuditor's Report Thereon
The Company's Board of Directors are responsible for the otherinformation. The other information comprises the Directors Report to be included in theCompany's Annual Report but does not include the Standalone Financial Statements andour Auditor's Report thereon. The other information is expected to be made availableto us after the date of this Auditors' Report. Our opinion on the StandaloneFinancial Statements does not cover the other information and we do not express any formof assurance conclusion thereon.
In connection with our Audit of the Standalone Financial Statementsour responsibility is to read the other information and in doing so consider whether theother information is materially inconsistent with the Standalone Financial Statements orour knowledge obtained in the audit or otherwise appears to be materially misstated.
Management's Responsibility for the Standalone FinancialStatements
The Company's management and Board of Directors is responsible forthe matters stated in section 134(5) of the Act with respect to the preparation of theseStandalone Financial Statements that give a true and fair view of the financial positionfinancial performance and cash flows of the Company in accordance with AccountingPrinciples generally accepted in India including the Accounting Standards specified underSection 133 of the Act. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and design implementation and maintenance ofadequate internal financial controls that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Standalone Financial Statement that give a true and fair view and arefree from material misstatement whether due to fraud or error.
In preparing the financial statements management is responsible forassessing the Company's ability to continue as a going concern disclosing asapplicable matters related to going concern and using the going concern basis ofaccounting unless management either intends to liquidate the Company or to ceaseoperations or has no realistic alternative but to do so.
The Board of Directors is also responsible for overseeing theCompany's financial reporting process.
Auditors' Responsibility for the Audit of the Standalone FinancialStatements
Our objectives are to obtain reasonable assurance about whether theStandalone Financial Statements as a whole are free from material misstatement whetherdue to fraud or error and to issue an Auditor's Report that includes our opinion.Reasonable assurance is a high level of assurance but is not a guarantee that an auditconducted in accordance with SAs will always detect a material misstatement when itexists. Misstatements can arise from fraud or error and are considered material ifindividually or in the aggregate they could reasonably be expected to influence theeconomic decisions of users taken on the basis of these Standalone Financial Statements.
As part of an audit in accordance with SAs we exercise professionaljudgment and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of theStandalone Financial Statements whether due to fraud or error design and perform auditprocedures responsive to those risks and obtain audit evidence that is sufficient andappropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraudmay involve collusion forgery intentional omissions misrepresentations or the overrideof internal control.
Obtain an understanding of internal control relevant to theaudit in order to design audit procedures that are appropriate in the circumstances. UnderSection 143(3)(i) of the Act we are also responsible for expressing our opinion onwhether the Company has adequate Internal Financial Controls system in place and theoperating effectiveness of such controls.
Evaluate the appropriateness of Accounting Policies used and thereasonableness of accounting estimates and related disclosures made by the management.
Conclude on the appropriateness of management's use of thegoing concern basis of accounting and based on the audit evidence obtained whether amaterial uncertainty exists related to events or conditions that may cast significantdoubt on the Company's ability to continue as a going concern. If we conclude that amaterial uncertainty exists we are required to draw attention in our Auditor'sReport to the related disclosures in the Standalone Financial Statements or if suchdisclosures are inadequate to modify our opinion. Our conclusions are based on the auditevidence obtained up to the date of our Auditor's Report. However future events orconditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation structure and content of theStandalone Financial Statements including the disclosures and whether the StandaloneFinancial Statements represent the underlying transactions and events in a manner thatachieves fair presentation.
We communicate with those charged with governance regarding amongother matters the planned scope and timing of the audit and significant audit findingsincluding any significant deficiencies in internal control that we identify during ouraudit.
We also provide those charged with governance with a statement that wehave complied with relevant ethical requirements regarding independence and tocommunicate with them all relationships and other matters that may reasonably be thoughtto bear on our independence and where applicable related safeguards.
From the matters communicated with those charged with governance wedetermine those matters that were of most significance in the audit of the StandaloneFinancial Statements for the financial year ended 31st March 2019 and aretherefore the key audit matters. We describe these matters in our Auditor's Reportunless law or regulation precludes public disclosure about the matter or when inextremely rare circumstances we determine that a matter should not be communicated in ourreport because the adverse consequences of doing so would reasonably be expected tooutweigh the public interest benefits of such communication.
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 statementon the matters specified in the paragraph 3 and 4 of the Order to the extent applicable.
2. As required by Section 143 (3) of the Act we report that:
(a) We have sought and obtained all the information and explanationswhich to the best of our knowledge and belief were necessary for the purposes of ouraudit.
(b) In our opinion proper Books of Account as required by law havebeen 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 CashFlow Statement dealt with by this Report are in agreement with the Books of Account;
(d) In our opinion the aforesaid Standalone Financial Statementscomply with the Accounting Standards specified under Section 133 of the Act read withRule 7 of the Companies (Accounts) Rules 2014;
(e) On the basis of the written representations received from theDirectors as on 31st March 2019 taken on record by the Board of Directorsnone of the Directors is disqualified as on 31st March 2019 from beingappointed as a director in terms of Section 164 (2) of the Act.
(f) With respect to the adequacy of the Internal Financial Controlsover financial reporting of the Company and the operating effectiveness of such controlsrefer to Annexure B'.
(g) With respect to the other matters to be included in theAuditor'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 does not have any pending litigations which would impactits financial position.
ii. The Company did not have any long-term contracts includingderivative contracts as at 31st March 2019.
iii. There has been no delay in transferring amounts required to betransferred to the Investor Education and Protection Fund by the Company.
(h) With respect to the other matters to be included in theAuditor's report in accordance with the requirements of Section 197(16) of the Actas amended:
In our opinion and to the best of our information and according to theexplanations given to us the remuneration paid by the Company to its Directors during theyear is in accordance with the provision of Section 197 of the Act.
| ||FOR G. C. AGARWAL & ASSOCIATES |
| ||Chartered Accountants |
| ||Firm Registration No.: 017851N |
| ||Sd/- |
| ||G C AGARWAL |
|PLACE:GURUGRAM ||(PROPRIETOR) |
|DATED : 27/05/2019 ||Membership No.: 083820 |