To the Members of HPL ELECTRIC & POWER LTD.
Report on the Standalone Ind AS Financial Statements
We have audited the accompanying standalone Ind AS financial statement of HPL ELECTRIC& POWER LTD. (the Company') which comprise the balance sheet as at march 312018 statement of Profit and loss (including other comprehensive income) the statement ofchanges in equity and the Cash Flow Statement for the year then ended and a summary ofsignificant accounting policies and other explanatory 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 Ind AS financial statements that give a true and fair view of thefinancial position financial performance including other comprehensive income cash flowsand changes in equity of the Company in accordance with the Indian Accounting Standard (Ind AS ) prescribed under Section 133 of the Act read with the companies (IndianAccounting Standard) Rules 2015 as amended and other accounting principles generallyaccepted in India.
This responsibility also includes maintenance of adequate accounting records inaccordance with the provisions of the Act for safeguarding the assets of the Company andfor preventing and detecting frauds and other irregularities; selection and application ofappropriate accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that were operating effectively for ensuring the accuracy and completeness ofthe accounting records relevant to the preparation and presentation of the standalonefinancial statements that give a true and fair view and are free from materialmisstatement whether due to fraud or error.
Our responsibility is to express an opinion on these standalone financial Ind ASstatements based on our audit.
In conducting our audit we have taken into account the provisions of the Act theaccounting and auditing standards and matters which are required to be included in theaudit report under the provisions of the Act and the rules made there under and the Orderunder section 143(11) of the Act.
We conducted our audit of the standalone Ind AS financial statements in accordance withthe Standards on Auditing specified under section 143(10) of the Act. Those Standardsrequire that we comply with ethical requirements and plan and perform the audit to obtainreasonable assurance about
whether the standalone Ind AS financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and thedisclosures in the standalone Ind AS financial statements. The procedures selected dependon the auditor's judgment including the assessment of the risks of material misstatementof the standalone Ind AS financial statements whether due to fraud or error. In makingthose risk assessments the auditor considers internal financial control relevant to theCompany's preparation of the standalone Ind AS financial statements that give a true andfair 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 thereasonableness of the accounting estimates made by the Company's Directors as well asevaluating the overall presentation of the standalone Ind AS financial statements. Webelieve that the audit evidence we have obtained is sufficient and appropriate to providea basis for our audit opinion on the standalone Ind AS financial statements. Opinion Inour opinion and to the best of our information and according to the explanations given tous the aforesaid standalone Ind AS financial statements give the information required bythe 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 March 2018 and its Profit total comprehensive income the changein equity and its Cash Flows for the year ended on that date. Report on Other Legal andRegulatory Requirements 1. As required by section 143(3) of the Act based on our auditwe report that: a) we have sought and obtained all the information and explanations whichto the best of 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 the Companyso far as it appears from our examination of those books. c) the Balance Sheet theStatement of Profit and Loss including other comprehensive income statement of changes inequity and the Cash Flow Statement dealt with by this Report are in agreement with thebooks of account. d) in our opinion the aforesaid standalone Ind AS financial statementscomply with the Indian
Accounting Standards specified under section 133 of the Act.
e) on the basis of written representations received from the directors as on 31stMarch 2018 and taken on record by the Board of Directors none of the directors isdisqualified as on 31st March 2018 from being appointed as a director in termsof section 164(2) of the Act and
f) with respect to the adequacy of the internal financial controls over financialreporting of the company and the operating effectiveness of such controls refer to ourseparate report in "Annexure A". Our report expresses an unmodified opinion onthe adequacy and operating effectiveness of the Company's internal financial controls overfinancial reporting.
g) with respect to the other matters to be included in the Auditors' Report inaccordance with Rule 11 of the Companies (Audit and Auditors) Rules 2014 as amended inour opinion and to the best of our information and according to the explanations given tous.
i. The company has disclosed the impact of pending litigation on its financial positionin its standalone Ind AS financial statements.
ii. The company did not have any long term contract including derivative contract forwhich there were any material foreseeable losses.
iii. There was no amount which was required to be transferred to the Investor Educationand Protection Fund by the Company.
2. As required by the Companies (Auditor's Report) Order 2016 (the Order')issued by the Central Government of India in term of Sub-Section (11) of Section 143 ofthe Act we given in Annexure B' a statement on the matters specified on paragraph 3and 4 of the Order.
For Kharabanda Associates
Chartered Accountants FRN:003456N
Place: New Delhi Proprietor Date: 21.05.2018 M. No: 082402