Independent Auditor’s Report
To the Members of
KAJARIA CERAMICS LIMITED
Report on the Financial Statements
We have audited the accompanying financial statements of
KAJARIA CERAMICS LIMITED
(‘the Company’), which comprise
the Balance Sheet as at March 31, 2013, 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
Management is responsible for the preparation of these financial
statements that give a true and fair view of the financial position
and financial performance of the Company in accordance with the
Accounting Standards referred to in sub-section (3C) of section
211 of the Companies Act, 1956 (“the Act”). This responsibility
includes the design, implementation and maintenance of internal
control 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 financial
statements based on our audit. We conducted our audit in
accordance with the Standards on Auditing issued by the Institute
of Chartered Accountants of India. 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 preparation and fair presentation
of the financial statements in order to design audit procedures
that are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of accounting policies used
and the reasonableness of the accounting estimates made by
management, 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.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, the 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:
(i) in the case of the Balance Sheet, of the state of affairs of the
Company as at 31 March 2013;
(ii) in the case of the Statement of Profit and Loss, of the profit for
the year ended on that date; and
(iii) in the case of the Cash Flow Statement, of the 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, 2003
as amended by the Companies (Auditor’s Report) order 2004
(“the Order”) issued by the Central Government of India in
terms of sub-section (4A) of section 227 of the Act, we give
in the Annexure a statement on the matters specified in
paragraphs 4 and 5 of the Order.
2. As required by section 227(3) of the Act, we report that:
i) we have obtained all the information and explanations
which to the best of our knowledge and belief were
necessary for the purpose of our audit;
ii) in our opinion proper books of account as required by
law have been kept by the Company so far as appears
from our examination of those books;
iii) 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;
iv) in our opinion, the Balance Sheet, Statement of Profit
and Loss and Cash Flow Statement comply with the
Accounting Standards referred to in subsection (3C) of
section 211 of the Companies Act, 1956; and
v) on the basis of written representations received from the
directors as on 31March 2013, and taken on record by the
Board of Directors, none of the directors is disqualified as
on 31 March 2013, from being appointed as a director in
terms of clause (g) of sub-section (1) of section 274 of
the Companies Act, 1956.
For
O. P. Bagla & Co.
Chartered Accountants
Firm Regn No. 000018N
(Atul Bagla)
Place : New Delhi
Partner
Dated : 30 April, 2013
Membership No. 91885
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