Annual Report, 2016-17

annual

report

16-17

kajaria

ceramics

corporate

overview

management

reports

Financial

statements

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 in 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.

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

dues including provident fund, employees’ state

insurance, income-tax, sales-tax, service tax, duty of

customs, duty of excise, value added tax, cess and any

other statutory dues with the appropriate authorities.

As informed to us there are no outstanding statutory

dues in arrears as at the last day of the financial year

concerned for a period of more than six months from

the date they became payable.

b) We have been informed that no unpaid disputed

demands are outstanding in respect of Income Tax,

Sales Tax, Service Tax, Custom Duty, Excise Duty, VAT

or Cess.

viii) Based on our audit procedures and on the basis of

information and explanations given to us by the

management, we are of the opinion that there is no

default in repayment of loans or borrowings to the

financial institutions and banks as at the year end. There

are no loans from Government and the company has not

issued any debentures.

ix)

As explained to us term loans obtained during the year

were applied for the purpose for which the loans were

obtained by the company. The company has not raised

any money during the year by way initial or further public

offer.

Based upon the audit procedures performed and

information and explanations given by the management,

we report that, no fraud by the Company or on the

company by its officers or employees has been noticed

or reported during the course of our audit for the year

ended 31.03.2017.

(Referred to in paragraph 1 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)

Annexure- I to the Independent Auditor’s Report