Annual Report 2016-17

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Annual Report 2016-17

Opinion

In our opinion and to the best of our information and according to the e[planations given to us, the aforesaid consolidated

Ind AS onancial statements give the information required by the Act in the manner so required and give a true and fair

view in conformity with the accounting principles generally accepted in India, of the Consolidated state of affairs of the

Group as at March 31, 2017, and their Consolidated Proot, Consolidated Total Comprehensive Income, their Consolidated

Cash Flows and Consolidated Statement of Changes in Equity for the year ended on that date.

Other Matters

The consolidated onancial statements include onancial statements of all the subsidiaries which repect total assets (net)

5,233.90 Million as at March 31, 2017, total revenue (net) of

15,500.69 Million and net cash inpows amounting to

111.46 Million for the year then ended, which have been audited by one of the joint auditors, M/s Joshi Apte & Co.

The consolidated onancial statements also includes the share of net result

NI/ in respect of 1 (One) associate for the

year ended March 31, 2017. Financial statements of this associate have not been audited by us. This onancial statements

are unaudited and have been furnished to us by the Management and our opinion on the consolidated onancial

statements, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on

such unaudited onancial statements. In our opinion and according to the information and e[planations given to us by

the Management, this onancial statements are not material to the Group.

Our opinion on the consolidated onancial statements is not modioed in respect of the above matters.

Report on Other Legal and Regulatory Requirements

As required by Section 143(3) of the Act, based on our audit we report, to the e[tent applicable, that:

a) :e have sought and obtained all the information and e[planations which to the best of our knowledge and

belief were necessary for the purposes of our audit of the aforesaid consolidated Ind AS onancial statements.

(b) In our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated

Ind AS onancial statements have been kept so far as it appears from our e[amination of those books.

Comprehensive Income), the Consolidated Cash Flow Statement and Consolidated Statement of Changes in

Equity dealt with by this Report are in agreement with the relevant books of account maintained for the

purpose of preparation of the consolidated Ind AS onancial statements.

(d) In our opinion, the aforesaid consolidated Ind AS onancial statements comply with the Indian Accounting

Standards prescribed under Section 133 of the Act.

(e) On the basis of the written representations received from the directors of the Parent as on March 31, 2017 taken

on record by the Board of Directors of the Parent and the reports of the statutory auditors of its subsidiary

companies none of the directors of the Group companies, is disqualioed as on March 31, 2017 from being

appointed as a director in terms of Section 164 (2) of the Act.

(f) :ith respect to the adequacy of the internal onancial controls over onancial reporting and the operating

effectiveness of such controls, refer to our separate Report in “Anne[ure A”, which is based on the auditors’

report of the Parent incorporated in India. Our report e[presses an unmodioed opinion on the adequacy and

operating effectiveness of the Parent’s internal onancial controls over onancial reporting.

(g) :ith 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, as amended, in our opinion and to the best of our information

and according to the e[planations given to us:

The consolidated Ind AS onancial statements disclose the impact of pending litigations on the consolidated

onancial position of the Group.

ii. Provision has been made in the consolidated Ind AS onancial statements, as required under the applicable

law or accounting standards, for material foreseeable losses, if any, on long-term contracts including

derivative contracts.