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Ashok Leyland
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« Mar 14
Auditor's Report (Ashok Leyland) Year End : Mar '15
1. We have audited the accompanying standalone financial statements of
 Ashok Leyland Limited (the Company), which comprise the Balance Sheet
 as at March 31, 2015, the Statement of Profit and Loss, the Cash Flow
 Statement for the year then ended, and a summary of the significant
 accounting policies and other explanatory information.
 
 Management''s Responsibility for the Standalone Financial Statements
 
 2. The Company''s Board of Directors is responsible for the matters
 stated in Section 134(5) of the Companies Act, 2013 (the Act) with
 respect to the preparation of these standalone financial statements
 that give a true and fair view of the financial position, financial
 performance and cash flows of the Company in accordance with the
 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.  This responsibility
 also includes maintenance of adequate accounting records in accordance
 with the provisions of the Act for safeguarding the assets of the
 Company and for preventing and detecting frauds and other
 irregularities; selection and application of appropriate accounting
 policies; making judgments and estimates that are reasonable and
 prudent; and design, implementation and maintenance of adequate
 internal financial controls, 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.
 
 Auditors'' Responsibility
 
 3. Our responsibility is to express an opinion on these standalone
 financial statements based on our 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 thereunder.
 
 4. We conducted our audit in accordance with the Standards on Auditing
 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.
 
 5. An audit involves performing procedures to obtain audit evidence
 about the amounts and the disclosures in the financial statements. The
 procedures selected depend on the auditor''s judgment, including the
 assessment of the risks of material misstatement of the financial
 statements, whether due to fraud or error. In making those risk
 assessments, the auditor considers internal financial control relevant
 to the Company''s preparation of the financial statements that give a
 true and fair view in order to design audit procedures that are
 appropriate in the circumstances, but not for the purpose of expressing
 an opinion on whether the Company has in place an adequate internal
 financial controls system over financial reporting and the operating
 effectiveness of such controls. An audit also includes evaluating the
 appropriateness of the accounting policies used and the reasonableness
 of the accounting estimates made by the Company''s Directors, as well as
 evaluating the overall presentation of the financial statements.
 
 6. We believe that the audit evidence we have obtained is sufficient
 and appropriate to provide a basis for our audit opinion on the
 standalone financial statements.
 
 Opinion
 
 7. In our opinion and to the best of our information and according to
 the explanations given to us, the aforesaid standalone 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 state of
 affairs of the Company as at March 31, 2015, and its profit and its
 cash flows for the year ended on that date.
 
 Report on Other Legal and Regulatory Requirements
 
 8. As required by the Companies (Auditor''s report) Order, 2015 (the
 Order) issued by the Central Government of India in terms of Section
 143(11) of the Act, we give in the Annexure
 
 a statement on the matters specified in paragraphs 3 and 4 of the
 Order.
 
 9. As required by Section 143(3) of the Act, we report that:
 
 (a) We have sought and obtained all the information and explanations
 which to the best of our knowledge and belief were necessary for the
 purposes of our audit.
 
 (b) In our opinion, proper books of account as required by law have
 been kept by the Company so far as it appears from our examination of
 those books.
 
 (c) The Balance Sheet, the Statement of Profit and Loss, and the Cash
 Flow Statement dealt with by this Report are in agreement with the
 books of account.
 
 (d) In our opinion, the aforesaid standalone 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 as on March 31, 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on March 31, 2015
 from being appointed as a director in terms of Section 164(2) of the
 Act.
 
 (f) 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 Company has, in accordance with the generally accepted
 accounting practice, disclosed the impact of pending litigations on its
 financial position in its financial statements - Also Refer Note 3.2.7
 to the financial statements.
 
 ii. The Company did not have any long-term contracts including
 derivative contracts for which there were any material foreseeable
 losses under the applicable law or accounting standards.
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company.
 
 ANNEXURE TO THE INDEPENDENT AUDITORS'' REPORT (Referred to in paragraph
 8 under ''Report on Other Legal and Regulatory Requirements'' section of
 our report of even date on the accounts of Ashok Leyland Limited (the
 Company) for the year ended March 31, 2015)
 
 (i) In respect of its fixed assets:
 
 a) The Company has maintained proper records showing full particulars,
 including quantitative details and situation of the fixed assets.
 
 b) The fixed assets were physically verified during the year by the
 Management in accordance with a phased programme of verification,
 which, in our opinion, provides for physical verification of all the
 fixed assets at reasonable intervals having regard to the size of the
 Company, nature and value of its assets. According to the information
 and explanation given to us, no material discrepancies were noticed on
 such verification.
 
 (ii) In respect of its inventories:
 
 a) As explained to us, the inventories were physically verified during
 the year by the Management at reasonable intervals.
 
 b) In our opinion and according to the information and explanations
 given to us, the procedures of physical verification of inventories
 followed by the Management were reasonable and adequate in relation to
 the size of the Company and the nature of its business.
 
 c) In our opinion and according to the information and explanations
 given to us, the Company has generally maintained proper records of its
 inventories and no material discrepancies were noticed on physical
 verification.
 
 (iii) The Company has not granted any loans, secured or unsecured, to
 companies, firms or other parties covered in the Register maintained
 under Section 189 of the Companies Act, 2013 and accordingly, the
 provisions of clause (iii) of paragraph 3 of the Order are not
 applicable to the Company.
 
 (iv) In our opinion and according to the information and explanations
 given to us, there is generally an adequate internal control system
 commensurate with the size of the Company and the nature of its
 business, for the purchase of inventories and fixed assets and for the
 sale of goods and services, and during the course of our audit, we have
 not observed any continuing failure to correct major weaknesses in such
 internal control system.
 
 (v) According to information and explanations given to us, the Company
 has not accepted any deposits and accordingly, the provisions of clause
 (v) of paragraph 3 of the Order are not applicable to the Company.
 
 (vi) In our opinion and according to the information and explanations
 given to us, the requirement for maintenance of cost records pursuant
 to the Companies (Cost records and Audit) Rules, 2014 specified by the
 Central Government of India under Section 148 of the Companies Act,
 2013 are not applicable to the Company for the year under audit.
 
 (vii) According to the information and explanations given to us and the
 books of account examined by us, in respect of statutory dues:
 
 a) The Company has generally been regular in depositing undisputed
 statutory dues, including Provident Fund, Employees'' State Insurance,
 Income Tax, Sales Tax, Wealth Tax, Service Tax, Customs Duty, Excise
 Duty, Value Added Tax, Cess and other material statutory dues
 applicable to it with the appropriate authorities during the year.
 There were no undisputed amounts payable in respect of the aforesaid
 statutory dues outstanding as at March 31, 2015 for a period of more
 than six months from the date they became payable.
 
 b) There are no dues of Wealth Tax and Customs Duty which have not been
 deposited on account of any dispute with the relevant authorities.
 Details of dues towards Income Tax, Sales Tax, Service Tax, Excise
 Duty, Value Added Tax and Cess that have not been deposited as at March
 31, 2015 on account of disputes are as stated below:
 
                                                         Rs. Lakhs
 
 Nature       Disputed      Period to    Forum where      Amount
 of Dues      Dues          which the    the dispute is   stayed
                            amount       pending          out of
                            relates                       disputed
                                                          dues
 
 Income       7,390.63      Assessment   Appellate        7,390.63
 Tax                        years 2005-  authority -
                            06, 2006-07  Income Tax
                            and 2008-    Appellate
                            09           Tribunal
 
 Sales       21,724.88      Various      Appellate        6,210.84
 Tax and                    periods      authority
 Value                      from 1993    - upto
 Added                       - 2014      Commissioner
 Tax                                     level
 
                268.69      Various      Appellate          232.85
                            periods      authority -
                            from 1987    Tribunal
                            -2013
 
                723.81      Various      High Court         655.69
                            periods
                            from 1986
                            -2012
 
 Excise          62.43      Various      Appellate            -
 Duty                       periods      authority
 and cess                   from 2008    - upto
 thereon                     - 2012      Commissioner
                                         level
 
              1,251.75                   Appellate        1,246.75
                                         authority -
                                         Tribunal
 
 Service         40.89      Various      Appellate            -
 Tax and                    periods      authority
 cess                       from 2011    - upto
 thereon                    - 2014       Commissioner
                                         level
 
 c) The amounts required to be transferred to Investor Education and
 Protection Fund in accordance with the relevant provisions of the
 Companies Act, 1956 (1 of 1956) and rules made thereunder, have been
 transferred to such fund within time.
 
 (viii) The Company does not have accumulated losses at the end of the
 financial year and the Company has not incurred cash losses during the
 financial year covered by our audit and in the immediately preceding
 financial year.
 
 (ix) In our opinion and according to the information and explanations
 given to us, the Company has not defaulted in the repayment of dues to
 financial institutions, banks and debenture holders.
 
 (x) In our opinion and according to the information and explanations
 given to us, the terms and conditions of the guarantees given by the
 Company in earlier years, for loans taken by a subsidiary and a joint
 venture company from banks or financial institutions are not, prima
 facie, prejudicial to the interests of the Company.
 
 (xi) In our opinion and according to the information and explanations
 given to us, the term loans have been applied by the Company during the
 year for the purposes for which they were obtained.
 
 (xii) To the best of our knowledge and belief, and according to the
 information and explanations given to us, and considering the size and
 nature of the Company''s operations, no fraud of material significance
 on the Company or no fraud by the Company has been noticed or reported
 during the year.
 
 For M. S. Krishnaswami & Rajan     For Deloitte Haskins & Sells  LLP
 
 Chartered Accountants                          Chartered Accountants
 
 Registration No. 01554S     Firm''s Registration No. 117366W/W-100018
 
 M. S. Murali                                            A. Siddharth
 
 partner                                                      partner
 
 Membership No. 26453                            Membership No. 31467
 
 May 12, 2015                                            May 12, 2015
 
 Chennai   
 Mumbai
 
 
 
 
 
Source : Dion Global Solutions Limited
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