Descripción de la Operación del Sistema de Control Seleccionado

During the year, the company has spent Rs. 305.00 Lacs towards Corporate Social Responsibility (CSR) under Section 135 of the Companies Act, 2013 and Rules thereon by way of contribution to various Trusts / NGOs / Societies / Agencies.

(Rupees in Lacs)

Gross Amount Required to be spent by the Company Amount spent during the period on

Construction / Acuisition of any asset In Cash

Yet to be paid Total

On Purpose other than above In Cash

Yet to be paid Total Total

For the year ended on 31st March, 2016 197.71 - - - 305.00 - 305.00 305.00 193.32 - - - 61.70 - 61.70 61.70 (Rupees in Lacs) 40. Expenditure in foreign currency:

Consultancy fees Testing charges Legal fees & charges Traveling

Freight Commission

Interest & finance charges

Others product registration fees, Sales promotion expenses, Advertisement - Marketing etc.

For the year ended on 31st March, 2016 27.45 - 747.41 47.49 133.03 386.72 109.65 23.77 246.41 40.05 581.11 2,953.98 902.06 218.6 158.33 813.08 For Fifteen months period ended on 31st March, 2015

For Fifteen months period ended on 31st March, 2015

(Rupees in Lacs)

Expenditure on research and development charged to revenue - Revenue expenditure

- Capital expenditure

FOB value of Exports

Sales of Voluntary Carbon Reduction Units

For the year ended on 31st March, 2016

- -

For the year ended on 31st March, 2016 46,168.72 - 1,336.53 1,528.61 60,453.80 1,157.68 (Rupees in Lacs) 43. Earnings in foreign exchange:

For Fifteen months period ended on 31st March, 2015

For Fifteen months period ended on 31st Mar, 2015 42. Research and Development Expenditure:

For and on behalf of the Board of Directors Arjun Handa

Vice-Chairman & Managing Director (DIN: 00159413)

Kirit H. Kanjaria

Sr. VP - Company Secretary & Compliance Officer

Place : Ahmedabad Date : 6th May, 2016

Chandrasingh S. Purohit Whole Time Director & CFO (DIN: 00199651) 47. Previous period's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

In terms of our report attached For Shah & Shah Associates Chartered Accountants FRN: 113742W Sunil K. Dave P artner Membership No. 047236 Place : Ahmedabad Date : 6th May, 2016

46. Pursuant to the resolution passed in the Board Meeting held on 8th November, 2014, the financial year of the company has been changed from 31st December to 31st March. Accordingly the Financial Statements for the current period is for 12 months period ended on 31st March, 2016 as against Fifteen months period ending on 31st March, 2015 , hence, not comparable.

Number of non-resident shareholders

Number of equity shares on which dividend was paid (Lacs) Year ended to which the dividend related

Amount remitted (Rupees in Lacs)

For the year ended on 31st March, 2016 - - - - 275 178.25 2012 & 2013 1,960.71 45. Remittance in foreign currency during the year on account of dividend.

44. Current Assets, Loans and Advances as at 31st March 2016 have a value on realization in the ordinary course of business at least equal to the amount at which they are stated.

For Fifteen months period ended on 31st March, 2015

Notes forming part of the Financial Statements

Report on the Consolidated Financial Statements

We have audited the accompanying consolidated financial statements of CLARIS LIFESCIENCES LIMITED (the “Holding Company”) and its subsidiaries and its associate (together, the “Group”) which comprise of the consolidated Balance Sheet as at 31st March 2016, the consolidated Statement of Profit and Loss and the consolidated Cash Flow Statement for the year then ended, and a summary of significant accounting policies and other explanatory information (the ‘consolidated financial statements’).

Management’s responsibility for the Consolidated Financial Statements

The Holding Company’s Board of Directors is responsible for the preparation of these consolidated financial statements in terms with the requirement of the Companies Act, 2013 (“the Act”) that give a true and fair view of the consolidated financial position, consolidated financial performance and consolidated cash flows of the Group in accordance with accounting principles generally accepted in India, including the Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial control that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.

Auditor’s Responsibility

Our responsibility is to express an opinion on these consolidated financial statements based on our audit. While conducting the audit, we have taken into account the provisions of the Act, the accounting and auditing standards and matters which are required to be included in the audit report under the provisions of the Act and the Rules made there under.

We conducted our audit in accordance with the Standards on Auditing, issued by the Institute of Chartered Accountants of India, as specified under Section 143(10) of the Act. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal financial control relevant to the Holding Company’s preparation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting estimates made by the Holding Company’s Board of Directors, as well as evaluating the overall presentation of the consolidated financial statements.

We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in terms of their reports referred to in Other Matter paragraph below, is sufficient and appropriate to provide a basis for our audit opinion on the consolidated financial statements.

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 the other auditors on the financial statements of the subsidiaries as noted below, the consolidated financial 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, 2016, its consolidated loss, and its consolidated cash flows for the year ended on that date. Other Matter

We did not audit the financial statements of nineteen subsidiaries and an associate included in the consolidated financial results, whose financial statements reflect, total assets of Rs. 1,49,992.52 Lacs as at 31st March,2016, total revenues of Rs. 47,647.45 Lacs for the year ended on 31st March,2016 , and total loss after tax of Rs.18,038.99 Lacs for the year ended on 31st March,2016, as considered in the consolidated financial statements. These final financial statements of nineteen subsidiaries have been audited/reviewed by other auditors whose reports have been furnished to us by the Management and our report on the Statement, in terms of sub-sections (3) and (11) of Section 143 of the Act in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors. Further, our report on the Statement, in so far as it relates on share of loss of an associate is based solely on the financial statements as submitted by the management of the associate company to the company. Our opinion on the consolidated financial statements, and our report on Other Legal and Regulatory Requirements above, is not modified in respect of the above matter with respect to our reliance on the work done and the reports of the other auditors.

Auditors’ Report

To the Members of Claris Lifesciences Limited

Report on Other Legal and Regulatory Requirements

As required by section 143 (3) of the Act, we report, to the extent applicable, that:

(a) We and the other auditors whose reports we have relied upon, have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid consolidated financial statements;

(b) In our opinion proper books of account as required by law relating to preparation of the aforesaid consolidation of the financial statements have been kept so far as it appears from our examination of those books and reports of the other auditors;

(c) The consolidated Balance Sheet, consolidated Statement of Profit and Loss, and consolidated Cash Flow Statement dealt with by this Report are in agreement with the books of account;

(d) In our opinion, the aforesaid consolidated financial statements comply with the Accounting Standards specified under section 133 of the Act, read with Rule 7 of the Companies (Accounts) Rules, 2014;

(e) On the basis of the written representations received from the directors of the Holding Company as on March 31, 2016 taken on record by the Board of Directors of the Holding Company and the reports of the auditors who are appointed under Section 139 of the Act, of its subsidiary companies, incorporated in India, none of the directors of the Group’s companies incorporated in India is disqualified as on March 31, 2016 from being appointed as a director in terms of Section 164 (2) of the Act;

(f) With respect to the adequacy and the operating effectiveness of the internal financial control over financial reporting of the Group and the operating effectiveness of such controls refer to our separate Report in “Annexure: A”; and

(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, in our opinion and to the best of our information and according to the explanations given to us:

i) The consolidated financial statements disclose the impact of pending litigations on its consolidated financial position of the Group. Refer Note 25 to the consolidated financial statements;

ii) The Group did not have any material foreseeable losses in long-term contracts including derivative contracts; iii) There were no amounts required to be transferred to the Investor Education and Protection Fund by the company.

For Shah & Shah Associates Chartered Accountants FRN: 113742W Sunil K. Dave Partner Membership Number: 047236 Place : Ahmedabad. Date : May 6, 2016

Auditors’ Report

Annexure to the Auditor’s Report

“Annexure A”to the Auditors’ Report of even date on the Consolidated Financial Statements of CLARIS LIFESCIENCES LIMITED, Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”). Report on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 (“the Act”).

(Referred to in paragraph 2(f) under the heading ‘Report on Other Legal & Regulatory Requirements’ of our report of even date to the consolidated financial statements of the Company for the year ended on 31st March, 2016.)

To the Members of

In document Diseño, implementación y puesta en servicio de la modernización del sistema eléctrico y de control de la central termoeléctrica de 41.75 MW de la empresa generadora GEA (página 72-80)