the Board of Directors, none of the directors is disqualified
as on 31st March, 2016 from being appointed as a director
in terms of Section 164 (2) of the Act.
(f) We are enclosing herewith a report in Annexure II for our
opinion on adequacy of internal financial controls system
in place in the company and the operating effectiveness of
such controls.
(g) With respect to the other matters to be included in the
Auditor’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 has disclosed the impact of pending
litigations on its financial position in its financial
statements – Refer Note 27 to the financial statements.
ii. According to the information and explanations
provided to us, the Company did not have any long-
term contracts including derivative contracts for which
there were any material foreseeable losses.
iii. There has been no delay in transferring amounts,
required to be transferred during the year, to the
Investor Education and Protection Fund by the
Company.
For
O. P. Bagla & Co.
Chartered Accountants
Firm Regn No. 000018N
(Atul Bagla)
Place : New Delhi
Partner
Dated : 28th April, 2016
Membership No. 91885
i)
In respect of its fixed assets:
a) The company has maintained proper records showing
full particulars, including quantitative details and
situation of fixed assets.
b) As explained to us, fixed assets have been physically
verified by the management in a phased periodical
manner, which in our opinion is reasonable, having
regard to the size of the Company and nature of its
assets. As informed to us no material discrepancies
were noticed on such physical verification.
c) Title deeds In respect of all immovable properties are
held in the name of the company.
ii) As explained to us physical verification has been conducted
by the management at reasonable intervals in respect of
inventories of finished goods, stores, spare parts and raw
materials. We were informed that physical verification of
clay was made on the basis of volume and density which is
approximately correct. We were explained that no material
discrepancies have been noticed on physical verification.
iii) As informed to us the company has granted unsecured
loans to companies covered in the register maintained under
section189 of the Companies Act 2013. In respect of such
loans we have been informed that:
a) the terms and conditions of the grant of such loans are
not prejudicial to the company’s interest.
b) the schedule of repayment of principal and payment
of interest is not stipulated. Therefore no comments
are offered on whether the repayments or receipts are
regular.
c) no amount is overdue as at the end of the year.
iv) According to the information and explanations given to us,
the company has complied with the provisions of Section 185
and 186, wherever applicable, in respect of loans, investments
and guarantees given by the company. We are informed that
the company has not provided any security during the year.
v) According to the information and explanations given to us
the company has not accepted any deposits, in terms of
the directives issued by the Reserve Bank of India and the
provisions of sections 73 to 76 or any other relevant provisions
of the Companies Act 2013 and the rules framed there under.
vi) In respect of business activities of the company, maintenance
of cost records has not been specified by the Central
Government under sub-section (l) of section 148 read with
rules framed thereunder of the Companies Act 2013.
vii) a) As per information and explanations given to us, the
company is regular in depositing undisputed statutory
Annexure- I to the Independent Auditor’s Report
(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)
103
Annual Report 2015-16
