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Independent Auditor’s Report on Consolidated Financial Statement
We have audited the accompanying consolidated 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
1. We did not audit the financial statements of five subsidiaries,
whose financial statements reflect total assets of
`
2142.47
million as at 31st March, 2013, total revenue of
`
2051.78
million and cash flows amounting to
`
4.85 million for the year
then ended. These financial statements have been audited by
other auditors whose reports have been furnished to us, and
our opinion is based solely on the report of other auditors.
2. We report that the consolidated financial statements have been
prepared by the Company’s management in accordance with
the requirements of Accounting Standard (AS) 21, Consolidated
Financial Statements, AS 23, Accounting for Investments in
Associates in Consolidated Financial Statements and AS 27,
Financial Reporting of Interests in Joint Ventures, as notified
by the Companies (Accounting Standard) Rules, 2006.
3. We further report that on the basis of the information and
explanations given to us, we are of the opinion that the said
consolidated financial statements 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.
For
O. P. Bagla & Co.
Chartered Accountants
Firm Regn No. 000018N
(Atul Bagla)
Place : New Delhi
Partner
Dated : 30 April, 2013
Membership No. 91885
To
The Members of
KAJARIA CERAMICS LIMITED
