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provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of
management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised
acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Inherent Limitations of Internal Financial Controls Over Financial Reporting
Because of the inherent limitations of internal financial controls over financial reporting, including the possibility of collusion or improper
management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation
of the internal financial controls over financial reporting to future periods are subject to the risk that the internal financial control over financial
reporting may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may
deteriorate.
Opinion
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of
other auditors referred to in the Other Matters paragraph below, the Parent, its subsidiary companies, its joint operation companies, its associate
companies and joint ventures, which are companies incorporated in India, have, in all material respects, an adequate internal financial controls
system over financial reporting and such internal financial controls over financial reporting were operating effectively as at March 31, 2017, based
on the internal control over financial reporting criteria established by the respective companies 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.
Other Matters
Our aforesaid report under Section 143(3)(i) of the Act on the adequacy and operating effectiveness of the internal financial controls over financial
reporting in so far as it relates to one subsidiary company and two associate companies, which are companies incorporated in India, is based solely
on the corresponding reports of the auditors of such companies incorporated in India.
Our opinion is not modified in respect of the above matters.
For
DELOITTE HASKINS & SELLS LLP
Chartered Accountants
(Firm Registration No. 117366W/W-100018)
B. P. SHROFF
Partner
(Membership No. 34382)
Mumbai, May 23, 2017