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Statutory Reports
Corporate Overview
Financial Statements
F-2
(Standalone)
72nd Annual Report 2016-17
d) In our opinion, the aforesaid standalone Ind AS financial 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 Company as on March 31, 2017 taken on record by the Board
of Directors of the Company and the reports of the statutory auditors of its Joint Operation companies, none of the directors of the Company
and its Joint Operation Companies are 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 Company and its joint operations which are
companies incorporated in India and the operating effectiveness of such controls, refer to our separate Report in “Annexure A”. Our report
expresses an unmodified opinion on the adequacy and operating effectiveness of the Company’s and its Joint Operation Companies’, internal
financial controls over financial reporting.
g) With respect to the other matters to be included in the Auditor’s 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 explanations given to us:
i.
The Company has disclosed the impact of pending litigations on its financial position in its standalone Ind AS financial statements;
ii.
The Company has made provision, as required under the applicable law or accounting standards, for material foreseeable losses, if any,
on long-term contracts including derivative contracts;
iii.
There have been no delays in transferring amounts, required to be transferred to the Investor Education and Protection Fund by the
Company;
iv.
The Company has provided requisite disclosures in the standalone Ind AS financial statements as regards the Company’s and its Joint
Operation Companies’, holding and dealings in Specified Bank Notes as defined in the Notification S.O. 3407(E) dated November 8,
2016 of the Ministry of Finance, during the period from November 8, 2016 to December 30, 2016. However, as stated in Note No. 47
(ii) to the financial statements amounts aggregating to
R
79,500 /- as represented to us by the Management have been received from
transactions which are not permitted.
2.
As required by the Companies (Auditor’s Report) Order, 2016 (“the Order”) issued by the Central Government in terms of Section 143(11) of the Act, we
give in “Annexure B”a statement on the matters specified in paragraphs 3 and 4 of the Order.
For
DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm Registration No. 117366W/W-100018)
B. P. SHROFF
Partner
Mumbai, May 23, 2017
(Membership No. 34382)