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Regd. Office : MatkallrVtlLge, t{rrsapi.r. Talsq, Madak Ol9t,. A.F.

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y lhe itste ol neqatJve oPeGtjng .asi Rows tnd incurrer{.
'urd ol operating los6e5 ovei
"t ttre yea.! ;ighirqtte,: tr.t Al,drron .!re ;;n}q dddr*.ed
p$pose.t rerjrvduing of operntions and &erger *ith_inolher conrpany
uhrt is iurdrng approv;rciutir. u"i"r ii" ,"l.liri"i
zd by rR in 2002, a reserve of tu.?}q 4{ lakhs l,ild bern (realcd
ilpon calitrt *o"rtiri,i ru*o.ar oalr{nrr,rt of ri:jcntitisd impaimle,* ii vr,ue
txed alsets. Stesr hav been jn'tiated to r.tjust ths imp.jdrent in value ag;rnst u,. ,"""*. *ti
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and commrssion lor iie quart4r end.d luue 10,2015 corrprised amornr retaUnq
ended l,h.c'! 11,2016 a&ef negotBttol wth [,e pdrty.

figures 3et aut above of the Company,s finan{al resutt for the fhree

nonlis

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cB, Anand Aparrments,

JpAvenue, 6th Street,
Dr. Radha Krishnan Road.
Mylapore, Chennai - 600 004.

Tel

:19144-4204 6628
: +9144-2847 4562

E-mait : mail@mskandr.com
m.s.murali@mskandr.com

INDEPENDENT AUDITORS' REVIEW REPORT ON REVIEW OF TNTERIM FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF

RSSTILE CERAMICS LIMITED

l.

We have reviewed the accompanying Statement of Standalon Unaudited Financial Results of Restile Ceramics
Limited ("the Company"Xor the Quarter ended June 30,2016 ("the Statement"), being submitted by the Company
pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirementsl
Regulations, 2015, as applicable. This Statement which is the responsibjlity of the Company,s Management and
approved by the Board of Directors, has been prepared in accordance with the recognition and m-easurement
principles laid down in the Accounting Standard 25" Interim Financial Repoding prescribed under Section 133
of
the companies Act, 2013 rcad with relevant rules issued thereunder ana bthe; accounting principles generally
accepted in India. our responsibility is to issue a report on the statement based on our review.

2.

We conducted our review ofthe Statement in accordance with the Standard on Rview Engagements (SRE) 2410
"Review of Interim Financial Informatiorr Performed by the Independent Auditor of the -Eitity", issued by the
Institute of Chartered Accountants of India. This Standald requires that we plan and perform the riview to obtain
moderate assurance as to whether the Statement is fiee of mate al misstatement. A review is limited primarily to
inquiries of Company personnel and anal)'tical procedures applid to flnancial data and thus provides less
assurance than an audit. We have not performed an audit and. accordingly. we do not exptess an audit opinion.

3.

Basis for Qualilied Conclusion

(i)The Company has generated negative oprating cash flows, incurred substantial operating losses
and significant.
detedoration in value of assets used to generate cash flows all of which indicate existence-of material uncertainty
inw the company's ability to continue as a going concern for a reasonable period of time. The attached Statement
does not include any adjustments that might result had the above unceftainties been known.
(ii)The Company has not recognised possible impairment in value of building and plant and equipment as detailed
in Note 4 ofthe Statement as reqlircd by th Accounting standard 28- Impairment ofAssets. Iniependent valuation
in financial year 2010-2011 had indicated impaiment in value of buiJding Rs.522.17 lakhs and in value of plant
and equipment ofRs.l19.87lakhs. However, in view of depreciation being charged over estimated useful life,
the
aforesaid amount needs to be recomputed. As such the effect of possible impairment on the results of th
euarter
ended June 30, 2016 is not ascertainable.

4.

Qualified Conclusion
Based on our rcview conducted as stated above. except tbr the adjustments to the Statement as mentioned in para
3
stated above on the Unaudited Financial Results, nothing has come to our attention that causes us to believe

that the

accompanying Statement, prepared in accordance with the applicable Accounting Standards and other accounting
principles generally accepted in India, has not disclosed the information required to be disclosed in
terms of
Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirementsj Regulations, 2015, as
applicable,
including the manner in which it is to be disclosed, or that it contains any matrial misstatement.

For M.S. Krishnaswami & Rajan

Charterad Accountants
Fim's Registrution No. 01554S

,/^J^*n l--"L'F-

Padmavathy Vaidyanathar
Panner
Membership No. 028716
August,06, 2016
Chennai