report, in so far as it relates to the amounts included in respect this
subsidiary are based solely on such approved unaudited financial
statements/financial information. In our opinion, the amounts involved
in this subsidiary are not significant to the Group.
Our opinion on the consolidated financial statements and our report
on Other Legal and Regulatory Requirements below is not modified
in respect of Other Matters as referred above.
Report on Other Legal and Regulatory Requirements
1. Companies (Auditor’s Report) Order, 2016, issued by the Central
Government of India in terms of sub-section (11) of section 143
of the Act is not applicable on Consolidated Financial Statements
as referred in proviso to para 2 of the Order.
2. As required by Section 143 (3) of the Act, we report that:
(a) We have sought and obtained all the information and
explanations which to the best of our knowledge and
belief were necessary for the purposes of our audit of the
aforesaid consolidated financial statements.
(b) In our opinion, proper books of account as required by
law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears
from our examination of those books and report of other
auditors.
(c) The Consolidated Balance Sheet, the Consolidated
Statement of Profit and Loss, and the Consolidated Cash
Flow Statement dealt with by this Report are in agreement
with the relevant books of account maintained for the
purpose of preparation of the consolidated financial
statements.
(d) In our opinion, the aforesaid consolidated financial
statements comply with the Accounting Standards
specified under Section 133 of the Act, read with Rule 7 of
the Companies (Accounts) Rules, 2014.
(e) On the basis of the written representations received from
the directors of holding company as on 31st March, 2016
taken on record by the Board of Directors of Holding
company and the reports of auditors of subsidiary
companies, none of the directors is disqualified as on31st
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 I for
our opinion considering the opinion of other auditors of
subsidiary companies on adequacy of internal financial
controls system in place 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 Group has disclosed the impact of pending
litigations on its financial position in its financial
statements – Refer Note 28 to the financial statements.
ii. According to the information and explanations
provided to us, the Group 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, to the Investor Education
and Protection Fund by the Holding Company and its
subsidiary companies wherever applicable.
For
O. P. Bagla & Co.
Chartered Accountants
Firm Regn No. 000018N
(Atul Bagla)
Place : New Delhi
Partner
Dated : 28th April, 2016
Membership No. 91885
Annexure- I to the Independent Auditor’s Report
(Referred to in paragraph 2(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report
of even date)
In conjunction with our audit of the consolidated financial statements
of the company as of and for the year ended March 31, 2016, We
have audited the internal financial controls over financial reporting of
KAJARIA CERAMICS LIMITED
(hereinafter referred to as “the Holding
Company”) and its subsidiary companies (collectively referred to as “the
Group”), which are companies incorporated in India, as of that date.
Management’s Responsibility for Internal Financial Controls
The respective Board of Directors of the Holding company and its
subsidiary companies which are companies incorporated in India,
are responsible for establishing and maintaining internal financial
controls based on the internal control over financial reporting criteria
established by the Company considering the essential components
of internal control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India (ICAI). These responsibilities include
the design, implementation and maintenance of adequate internal
financial controls that were operating effectively for ensuring the
134
Kajaria Ceramics Limited
