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153
amounts and disclosures included in respect of these
subsidiary companies and a joint venture company and
our report in terms of Sub-section (3) of Section 143 of
the Act insofar as it relates to the aforesaid subsidiary
companies and a joint venture company, is based solely
on the reports of the other Auditors.
Our opinion on the Consolidated Ind AS Financial
Statements and our report on other legal and regulatory
requirements below, is not modified in respect of the
above matters with respect to our reliance on the work
done and the reports of the other Auditors and the
Financial Statements certified by the Management.
09. The comparative financial information of the Company
for the year ended March 31, 2016 and the transition
date opening Balance Sheet as at April 01, 2015 included
in these Consolidated Ind AS Financial Statements, are
based on the previously issued Statutory Financial
Statements for the years ended March 31, 2016
and March 31, 2015 prepared in accordance with
the Companies (Accounting Standards) Rules, 2006
(as amended) which were audited by us, on which we
expressed an unmodified opinion dated April 29, 2016
and April 30, 2015 respectively. The adjustments to those
Financial Statements for the differences in Accounting
Principles adopted by the Company on transition to the
Ind AS have been audited by us.
Our opinion is not qualified in respect of these matters.
Report on other legal and regulatory requirements
10. As required by Section 143(3) of the Act, we report, to
the extent applicable, 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 Ind AS Financial
Statements.
b) In our opinion, proper books of account as required
by law maintained by the Holding Company, its
subsidiary companies included in the Group and
a joint venture company incorporated in India
including relevant records relating to preparation
of the aforesaid Consolidated Ind AS Financial
Statements have been kept so far as it appears from
our examination of those books and records of
the Holding Company and the reports of the other
Auditors.
c) The Consolidated Balance Sheet, the Consolidated
Statement of Profit and Loss (including Other
Comprehensive Income), Consolidated Statement
of Cash Flows and the Consolidated Statement
of changes in equity dealt with by this Report are
in agreement with the relevant books of account
maintained by the Holding Company, its subsidiary
companies included in the Group, and a joint
venture company incorporated in India including
relevant records relating to the preparation of the
Consolidated Ind AS Financial Statements.
d) In our opinion, the aforesaid Consolidated Ind
AS Financial Statements comply with the Indian
Accounting Standards specified under Section 133
of the Act.
e) On the basis of the written representations received
from the Directors of the Holding Company as on
March 31, 2017 taken on record by the Board of
Directors of the Holding Company and the reports
of the Statutory Auditors of its subsidiary companies
and a joint venture company incorporated in India,
none of the Directors of the Group companies and
a joint venture company incorporated in India is
disqualified as on March 31, 2017 from being
appointed as a Director in terms of Section 164(2)
of the Act.
f)
With respect to the adequacy of the Internal
Financial Controls over financial reporting of the
Holding Company, its subsidiary companies and a
joint venture company incorporated in India and the
operating effectiveness of such controls, refer to our
separate Report in Annexure A.
g) With respect to the other matters to be included in
the Auditors’ 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 Consolidated Ind AS Financial Statements
disclose the impact, if any, of pending
litigations as at March 31, 2017 on the
Consolidated Financial position of the Group
and a joint venture company.
ii.
Provision has been made in the Consolidated
Ind AS Financial Statements, as required under
the applicable law or Accounting Standards,
for material foreseeable losses, if any, on long-
term contracts including derivative contracts
as at March 31, 2017.
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
and its joint venture company incorporated in
India during 2016-17.
iv. The Company has provided requisite
disclosures in the Financial Statements as to
holdings as well as dealings in Specified Bank
Notes during the period from November 08,
2016 to December 30, 2016. Based on audit
procedures and relying on the Management
representation we report that the disclosures
are in accordance with books of account
maintained by the Company and as produced
to us by the Management - refer Note 29.13.
For Dalal & Shah Chartered Accountants LLP
Firm Registration Number: 102020W | W-100040
S Venkatesh
Mumbai
Partner
May 05, 2017
Membership Number: 037942