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litigations on its financial position in its
Consolidated Ind AS financial statements. Refer
Note 34 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 during the year, to the
Investor Education and Protection Fund by the
Holding Company and its subsidiary companies
wherever applicable.
iv. The Group has provided requisite disclosures
in Note no.10 of its financial statements as to
holdings as well as dealings in Specified Bank
Notes (SBN) during the period from 8 November
2016 to 30 December 2016. Based on the audit
procedures and relying on the management
representation and report of other auditors
of subsidiary companies, we report that the
disclosures are in accordance with the books of
accounts and records maintained by the Company.
For
O. P. Bagla & Co.
Chartered Accountants
Firm Regn No. 000018N
(Atul Bagla)
Place : New Delhi
Partner
Dated : 15 May, 2017
Membership No. 91885
In conjunction with our audit of the consolidated financial
statements of the company as of and for the year ended March
31, 2017, 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 orderly
and efficient conduct of its business, including adherence
to the respective company’s policies, the safeguarding of its
assets, the prevention and detection of frauds and errors, the
accuracy and completeness of the accounting records, and the
timely preparation of reliable financial information, as required
under the Companies Act, 2013.
Auditor’s Responsibility
Our responsibility is to express an opinion on the Group’s
internal financial controls over financial reporting based on
our audit. We conducted our audit in accordance with the
Guidance Note on Audit of Internal Financial Controls Over
Financial Reporting (the “Guidance Note”) issued by the ICAI
and the Standards on Auditing, issued by ICAI and deemed to
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)