RIL says complied with CARO provisions

Complying with the new reporting norms, Reliance Industries has published standalone and consolidated financial results for 2014-15 as per The Companies (Auditor's Report) Order 2015 (CARO).
In a filing to the stock exchanges, RIL said it had sent out its Annual Report for 2014-15 to its shareholders in accordance with applicable provisions of the Companies Act, 2013.
"The Auditors Reports dated April 17, 2015 on the standalone and consolidated financial statements of the company for the year ended March 31, 2015 do not contain as an Annexure, the matters specified in CARO 2015 as the Gazette version of the CARO 2015 was not available in the Official Gazette of India on April 17, 2015. CARO 2015 has been published in the Official Gazette of India after April 17, 2015," it said.

RIL has now furnished reports under CARO.
"The CARO 2015 Reports on the company's standalone and consolidated financial statements do not contain any qualification, reservation or adverse remarks," it said.
CARO provide for auditors certifying if the company is maintaining proper records showing full particulars, including quantitative details and situation of fixed assets. Also, it provides for physical verification of inventory as well as reporting on loans granted by the company.

RIL has sent emails to its 7.5 lakh shareholders and published advertisements on financial report as per CARO in leading newspapers.
The company said it has published the CARO report in four leading national dailies and two regional dailies.

CARO report on fixed assets said: "The Company has maintained proper records showing full particulars including quantitative details and situation of fixed assets on the basis of available information."
On inventories, the auditor said, "The inventories have been physically verified during the year by the management. In our opinion, the frequency of verification is reasonable."
It also said undisputed statutory dues including Provident Fund, Employees' State Insurance, Income Tax, Sales Tax, Wealth Tax, Service Tax, duty of Customs, Duty of Excise, Value Added Tax, Cess and other material statutory dues have been generally regularly deposited with the appropriate authorities.
"Based on our audit procedures and according to the information and explanations given to us, we are of the opinion that the company has not defaulted in repayment of dues to financial institutions, banks and debenture holders."

"In our opinion and according to the information and explanations given to us, no fraud by the Company and no material fraud on the Company has been noticed or reported during the year," the auditors said in the CARO report.