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Independent Auditor’s Report
To the Members of
KAJARIA CERAMICS LIMITED
New Delhi
Report on the Consolidated Financial Statements
We have audited the accompanying Consolidated Ind AS
financial statements of KAJARIA CERAMICS LIMITED (hereafter
referred as the holding company) and its subsidiaries
(collectively referred to as “the Group”), which comprise the
Balance Sheet as at 31 March 2017, and the Statement of Profit
and Loss (including Other Comprehensive Income), the Cash
Flow Statement and the Statement of Changes in Equity for the
year then ended, and a summary of the significant accounting
policies and other explanatory information.
Management’s Responsibility for the Consolidated Ind AS
Financial Statements
The Holding Company’s Board of Directors is responsible for
the matters stated in Section 134(5) of the Companies Act,
2013 (“the Act”) with respect to the preparation of these
Consolidated Ind AS financial statements that give a true and
fair view of the state of affairs (financial position), profit or loss
(financial performance including other comprehensive income),
cash flows and changes in equity of the Group in accordance
with the accounting principles generally accepted in India,
including the Indian Accounting Standards (Ind AS) prescribed
under Section 133 of the Act read with the Companies
(Indian Accounting Standards) Rules, 2015 as amended.
This responsibility also includes maintenance of adequate
accounting records in accordance with the provisions of the Act
for safeguarding the assets of the Company and for preventing
and detecting frauds and other irregularities; selection and
application of appropriate accounting policies; making
judgments and estimates that are reasonable and prudent;
and design, implementation and maintenance of adequate
internal financial controls, that were operating effectively for
ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the
Consolidated Ind AS 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 Consolidated
Ind AS financial statements based on our audit. We have
taken into account the provisions of the Act, the accounting
and auditing standards and matters which are required to be
included in the audit report under the provisions of the Act and
the Rules made there under. We conducted our audit of the
Consolidated Ind AS financial statements in accordance with
the Standards on Auditing specified under Section 143(10)
of the Act. Those Standards require that we comply with
ethical requirements and plan and perform the audit to obtain
reasonable assurance about whether the Consolidated Ind AS
financial statements are free from material misstatement.
An audit involves performingprocedures toobtain audit evidence
about the amounts and the disclosures in the Consolidated
Ind AS financial statements. The procedures selected depend
on the auditor’s judgment, including the assessment of the
risks of material misstatement of the Consolidated Ind AS
financial statements, whether due to fraud or error. In making
those risk assessments, the auditor considers internal financial
control relevant to the Holding Company’s preparation of
the Consolidated Ind AS financial statements that give a
true and fair view in order to design audit procedures that
are appropriate in the circumstances. An audit also includes
evaluating the appropriateness of the accounting policies used
and the reasonableness of the accounting estimates made by
the Holding Company’s Board of Directors, as well as evaluating
the overall presentation of the consolidated Ind AS financial
statements.
We believe that the audit evidence obtained by us and the audit
evidence obtained by other auditors in terms of their reports
referred to in para of the “Other Matters” below, is sufficient
and appropriate to provide a basis for our audit opinion on the
consolidated Ind AS financial statements.
Opinion
In our opinion and to the best of our information and according
to the explanations given to us, and based on consideration
of the reports of other auditors of subsidiaries, the aforesaid
Consolidated Ind AS financial statements give the information
required by the Act in the manner so required and give a true and