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Page Industries Ltd.

BSE: 532827 Sector: Industrials
NSE: PAGEIND ISIN Code: INE761H01022
BSE LIVE 15:40 | 13 Dec 22322.75 -393.50
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NSE 15:31 | 13 Dec 22377.35 -268.45
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OPEN 22816.00
PREVIOUS CLOSE 22716.25
VOLUME 636
52-Week high 24678.00
52-Week low 12820.05
P/E 83.24
Mkt Cap.(Rs cr) 24,890
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00
OPEN 22816.00
CLOSE 22716.25
VOLUME 636
52-Week high 24678.00
52-Week low 12820.05
P/E 83.24
Mkt Cap.(Rs cr) 24,890
Buy Price 0.00
Buy Qty 0.00
Sell Price 0.00
Sell Qty 0.00

Page Industries Ltd. (PAGEIND) - Auditors Report

Company auditors report

To the Members of Page Industries Limited

Report on the Ind AS Financial Statements

We have audited the accompanying Ind AS financial statements of Page Industries Limited("the

Company") which comprise the balance sheet as at March 31 2017 the statement ofprofit and loss including the statement of other comprehensive income the cashflowstatement and the statement of changes in equity for the year then ended and asummary of significant other explanatory information.

Management's Responsibility for the Financial Statements

The Company's Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 ("the Act") with respect to the preparation ofthese Ind AS financial statements that give a true and fair view of the financialposition financial performance including other comprehensive income cash flows andchanges in equity of the Company in accordance with accounting principles generallyaccepted in India including the Indian Accounting Standards (Ind AS) specified undersection 133 of the Act read with Rule 7 of the Companies (Accounts) Rules 2014 and theCompanies (Indian Accounting Standards)

Rules 2016 as amended. This responsibility also includes maintenance of adequateaccounting records in accordance with the provisions of the Act for safeguarding of theassets of the Company and for preventing and detecting frauds and other irregularities;selection and application of appropriate accounting policies; making judgments andestimates that are reasonable and prudent; and the design implementation and maintenanceof adequate internal financial control that were operating effectively for ensuring theaccuracy and completeness of the accounting records relevant to the preparation andpresentation of the Ind AS financial statements that give a true and fair view and arefree from material misstatement whether due to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these Ind AS financial statements basedon our audit. We have taken into account the provisions of the Act the accounting andauditing standards and matters which are required to be included in the audit report underthe provisions of the Act and the

Rules made thereunder. We conducted our audit of the Ind AS financial statements inaccordance with the Standards on Auditing issued by the Institute of CharteredAccountants of India accounting policies as specified and under Section 143(10) ofthe Act. Those Standards require that we comply with ethical requirements and plan andperform the audit to obtain reasonable assurance about whether the financial statementsare free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financialstatements. The procedures selected depend on the auditor'sjudgment including the assessment of the risks of material misstatement of the Ind ASfinancial statements whether due to fraud or error. In making those risk assessments theauditor considers internal financial control relevant to the Company's preparation of theInd AS financial statements that give a true and fair view in order to design auditprocedures that are appropriate in the circumstances. An audit also includes evaluatingthe appropriateness of accounting policies used and the reasonableness of the accountingestimates made by the Company's Directors as well as evaluating the overall presentationof the Ind AS financial statements. We believe that the audit evidence we have obtained issufficientand appropriate to provide a basis for our audit opinion on the Ind AS financialstatements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the Ind AS financial statements give the information required by the Act inthe manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India of the state of affairs of the Company as at March31 2017 its profit including other comprehensive income its cash flows and the changesin equity for the year ended on that date.

Report on Other Legal and Regulatory Requirements

(1) As required by the Companies (Auditor's report) Order 2016 ("the Order")issued by the Central Government of India in terms of subsection (11) of section 143 ofthe Act we give in the Annexure 1 a statement on the matters specified in paragraphs 3and 4 of the Order.

(2) As required by section 143 (3) of the Act we report that:

(a) We have obtained all the information explanations which to the best of ourknowledge and belief were necessary for the purpose of our audit;

(b) In our opinion proper books of as required by law have been kept by the Company sofar as it appears from our examination of those books;

(c) The balance sheet statement of and loss including the statement of othercomprehensive income the cash flow statement and statement of changes in equity dealtwith by this Report are in agreement with the books of account;

(d) In our opinion the aforesaid Ind AS statements comply with the AccountingStandards specified under section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014 and Companies (Indian Accounting Standards) Rules 2016 asamended;

(e) On the basis of written representations received from the directors as on March 312017 and taken on record by the Board of Directors none of the directors is disqualifiedas on March 31 2017 from being appointed as a director in terms of section 164 (2) ofthe Act;

(f) With respect to the adequacy of the internal financial controls over financialreporting of the Company and the operating effectiveness of such controls refer to ourseparate Report in "Annexure 2" to this report; and

(g) With respect to the other be included in the Auditor's Report in accordance withRule 11 of the Companies (Audit and Auditors) Rules 2014 in our opinion and to the bestof our information and according to the explanations given to us:

i. The Company has disclosed the of pending litigations on its financial position inits Ind AS financial statements Refer Note 36(c) to the Ind AS financial statements;

ii. The Company has made provision as required under the applicable law or accountingstandards for material foreseeable losses on long-term contracts (including derivativecontracts) as applicable;

iii. There has been no delay in transferring amounts required to be transferred tothe Investor Education and Protection Fund by the Company; and

iv. The Company has provided requisite disclosures in Note 44 to these IND AS financialstatements as to the holding of Specified Bank Notes on November 8 2016 and December 302016 as well as dealings in Specified Bank Notes during the period from November 8 2016to December 30 2016. Based on profit our audit procedures and relying on the managementrepresentation regarding the holding and nature of cash transactions including SpecifiedBank Notes we report that these disclosures are in accordance with the books of accountmaintained by the Company and as produced to us by the Management.

Other Matter

The comparative financial information of the Company for the year ended March 31 2016and the transition date opening balance sheet as at April 01 2015 included in these IndAS financial statements are based on the previously issued statutory financial statementsaudited by the predecessor auditor whose report for the year ended March 31 2016 andMarch 31 2015 dated May 24 2016 and May 28 2015 respectively expressed anunmodifiedopinion on those financial statements as adjusted for the differences in theaccounting principles adopted by the Company on transition to Ind AS which have beenaudited by us.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration No.101049W/E300004

per Navin Agrawal

Partner

Membership No.056102

Place of Signature: Bengaluru

Date: May 25 2017

ANNEXURE 1 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND AS FINANCIALSTATEMENTS OF PAGE INDUSTRIES LIMITED

Report on the matters specified in paragraphs 3 and 4 of the Companies (Auditor'sReport) Order 2016 ("the Order")

(i) (a) The Company has maintained proper records showing full particulars includingquantitative details and situation of fixed assets.

(b) All fixed assets have not been physically verified by the management during theyear but there is a regular programme of verification which in our opinion is reasonablehaving regard to the size of the Company and the nature of its assets. No materialdiscrepancies were noticed on such verification.

(c) According to the information and explanations given by the management the titledeeds of immovable properties included in property plant and equipment are held in thename of the Company.

(ii) The management has conducted physical verification of inventory at reasonableintervals during the year and no material discrepancies were noticed on such physicalverification. Inventories lying with third parties have been confirmed by them as at yearend.

(iii) (a) The Company has granted loan to a company covered in the register maintainedunder section 189 of the Act. In our opinion and according to the information andexplanations given to us the terms and conditions of such loan is not prejudicial to theCompany's interest.

(b) The said loan and interest thereon is repayable on demand. We are informed that theCompany has not demanded repayment of such loan and thus there has been no default on thepart of the party to whom the money has been lent. The payment of interest has beenregular.

(c) There are no amounts of loans granted companies firms or other parties listed inthe register maintained under section 189 of the Act which are overdue for more thanninety days.

(iv) In our opinion and according to the information and explanations given by themanagement the Company has complied with the provisions of section 185 and 186 of the Actin respect of grant of loans making investments and providing guarantees and securitiesas applicable.

(v) The Company has not accepted any deposits within the meaning of Sections 73 to 76of the Act and the Companies (Acceptance of Deposits) Rules 2014 (as amended).Accordingly the provisions of clause 3(v) of the Order are not applicable.

(vi) To the best of our knowledge and as explained the Central Government has notspecified the maintenance of cost records under section 148(1) of the Act for theproducts of the Company.

(vii)(a) Undisputed statutory dues including provident fund employees' stateinsurance income-tax sales-tax service tax duty of custom duty of excise value addedtax cess and other material statutory dues have generally been regularly deposited withthe appropriate authorities.

(b) According to the information and explanations given to us no undisputed amountspayable in respect of provident fund employees' state insurance income-tax service taxsales-tax duty of custom duty of excise value added tax cess and other statutory dueswere outstanding at the year end for a period of more than six months from the date theybecame payable.

(c) According to the records of the Company the dues outstanding of income-taxsales-tax service tax duty of custom duty of excise and value added tax on account ofany dispute are as follows :

Name of the statute Nature of dues Amount demanded after adjust- ment of taxes paid in respective years Amount paid under protest Period to which the amount relates Forum where dispute is pending
Income Tax Act 1961 Tax disal- lowance 2951361 2951361 AY 2011- 12 Commissioner of Income Tax (Appeals)
Income Tax Act 1961 Tax disal- lowance 7431240 1200000 AY 2014- 15 Commissioner of Income Tax (Appeals)
Customs Act 1962 Custom duty 28830153 2746328 2014-15 CESTAT
Central Excise Act 1944 Excise duty 500000 - 2008- 11 Commissioner (Appeals)
Central Excise Act 1944 Excise duty 2278118 - 2010- 12 CESTAT
Central Excise Act 1944 Excise duty 277986 20849 2012- 13 Commissioner (Appeals)
42268858 6918538

(viii)In our opinion and according to the information and explanations given by themanagement the Company has not defaulted in repayment of dues to banks and financialinstitutions.

The Company has no outstanding dues to government or debenture holders.

(ix) In our opinion and according to the and explanations given by the management theCompany has utilized the monies raised by way of term loan for the purpose for which theloan was obtained. The Company has not raised any money by way of initial public offer orfurther public offer (including debt instruments).

(x) Based upon the audit procedures performed for the purpose of reporting the true andfair view of the financial statements and according to the information and explanationsgiven by the management we report that no fraud by the Company or no fraud on the Companyby the officers and employees of the Company has been noticed or reported during the year.

(xi) According to the information and explanations given by the management themanagerial remuneration has been paid / provided in accordance with the requisiteapprovals mandated by the provisions of section 197 read with Schedule V to the Act.

(xii) In our opinion the Company is not a nidhi company. Therefore the provisions ofclause 3(xii) of the order are not applicable to the Company and hence not commented upon.(xiii)According to the information and explanations given by the management transactionswith the related parties are in compliance with section 177 and 188 of Act whereapplicable and the details have been disclosed in the notes to the financial statementsas required by the applicable accounting standards. (xiv)According to the information andexplanations given to us and on an overall examination of the balance sheet the Companyhas not made any preferential allotment or private placement of shares or fully or partlyconvertible debentures during the year under review and hence reporting requirementsunder clause 3(xiv) are not applicable to the company and not commented upon.

(xv) According to the information and explanations given by the management the Companyhas not entered into any non-cash transactions with directors or persons connected withhim as referred to in section 192 of Act.

(xvi)According to the information and explanations given to us the provisions ofsection 45-IA of the Reserve Bank of India Act 1934 are not applicable to the Company.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration No.101049W/E300004

per Navin Agrawal

Partner

Membership No.056102

Place of Signature: Bengaluru

Date: May 25 2017

ANNEXURE 2 TO THE INDEPENDENT AUDITOR'S REPORT OF EVEN DATE ON THE IND AS FINANCIALSTATEMENTS OF PAGE INDUSTRIES LIMITED

Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section143 of the Companies Act 2013 ("the Act")

We have audited the internal financial controls over financial reporting of PageIndustries Limited ("the Company") as of March 31 2017 in conjunction with ouraudit of the financial statements of the Company as of and for the year then ended.

Management's Responsibility for Internal Financial Controls

The Company's Management is responsible for establishing and maintaining internalfinancial controls based on the internal controls over financial reporting criteriaestablished by the Company considering the essential components of internal control statedin the Guidance Note on Audit of Internal Financial Controls over Financial Reportingissued by the Institute of Chartered Accountants of India. These responsibilities includethe design implementation and maintenance of adequate internal financial controls thatwere operating effectively for ensuring the orderly and efficient conduct of its businessincluding adherence to the Company's policies the safeguarding of its assets theprevention and detection of frauds and errors the accuracy and completeness of theaccounting records and the timely preparation of reliable financial information asrequired under the Act.

Auditor's Responsibility

Our responsibility is to express an opinion on the Company's internal financialcontrols over financial reporting based on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing as specified under section143(10) of the Act to the extent applicable to an audit of internal financial controlsboth applicable to an audit of Internal Financial Controls and both issued by theInstitute of Chartered Accountants of India. Those

Standards and the Guidance Note require that we comply with ethical requirements andplan and perform the audit to obtain reasonable assurance about whether adequate internalfinancial controls over financial reporting were established and maintained and if suchcontrols operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that a material weakness exists and testing and evaluating the designand operating effectiveness of internal control based on the assessed risk. The proceduresselected depend on the auditor's judgement including the assessment of the risks ofmaterial misstatement of the financial statements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls overfinancial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company's internal financial controls over financial reporting is a process designedto provide reasonable assurance regarding the reliability of financial reporting and thepreparation of financial statements for external purposes in accordance with generallyaccepted accounting principles. A company's internal financial controls over financialreporting includes those policies and procedures that (1) pertain to the maintenance ofrecords that in reasonable detail accurately and fairly reflect the transactions anddispositions of the assets of the Company; (2) provide reasonable assurance thattransactions are recorded as necessary to permit preparation of financial statements inaccordance with generally accepted accounting principles and that receipts andexpenditures of the Company are being made only in accordance with authorisations ofmanagement and directors of the Company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorised acquisition use or disposition of theCompany'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 financialcontrols over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlsover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2017 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal control stated in the Guidance Note on Audit ofInternal Financial Controls Over Financial Reporting issued by the Institute of CharteredAccountants of India.

For S.R. Batliboi & Associates LLP

Chartered Accountants

ICAI Firm Registration No.101049W/E300004

per Navin Agrawal

Partner

Membership No.056102

Place of Signature: Bengaluru

Date: May 25 2017