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Bajaj Auto
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« Mar 14
Auditor's Report (Bajaj Auto) Year End : Mar '15
1. We have audited the accompanying standalone financial statements of
 Bajaj Auto Ltd. (''the Company''), which comprise the Balance Sheet as at
 31 March 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 to
 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 and Accounting Standard
 30, Financial Instruments: Recognition and Measurement issued by the
 Institute of Chartered Accountants of India to the extent it does not
 contradict any other Accounting Standard referred to in section 133 of
 the Act read with rule 7 of Companies (Accounts) Rules, 2014. This
 responsibility also includes maintenance of adequate accounting records
 in accordance with the provisions of the Act for safeguarding of 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.
 
 4. We have taken into account the provisions of the Act and the Rules
 made thereunder including the Accounting Standards and matters which
 are required to be included in the audit report.
 
 5. We conducted our audit in accordance with the Standards on Auditing
 specified under section 143(10) of the Act and other applicable
 authoritative pronouncements issued by the Institute of Chartered
 Accountants of India. Those Standards and pronouncements 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.
 
 6. 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 auditors'' 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.
 
 7. 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
 
 8. 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 31 March 2015, and its profit and its cash
 flows for the year ended on that date.
 
 Report on other legal and regulatory requirements
 
 9. As required by ''the Companies (Auditors'' Report) Order, 2015'',
 issued by the Central Government of India in terms of sub-section (11)
 of section 143 of the Act (hereinafter referred to as the ''Order''), and
 on the basis of such checks of the books and records of the Company as
 we considered appropriate and according to the information and
 explanations given to us, we give in the Annexure a statement on the
 matters specified in paragraphs 3 and 4 of the Order.
 
 10. 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 and
 Accounting Standard 30, Financial Instruments: Recognition and
 Measurement issued by the Institute of Chartered Accountants of India
 to the extent it does not contradict any other Accounting Standard
 referred to in section 133 of the Act read with rule 7 of Companies
 (Accounts) Rules, 2014.
 
 (e) On the basis of the written representations received from the
 directors as on 31 March 2015 taken on record by the Board of
 Directors, none of the directors is disqualified as on 31 March 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 Auditors''
 Report in accordance with rule 11 of the Companies (Audit and Auditors)
 Rules, 2014, in our opinion and to the best of our knowledge and belief
 and according to the information and explanations given to us:
 
 i. The Company has disclosed the impact, if any, of pending litigations
 as at 31 March 2015, on its financial position in its standalone
 financial statements;
 
 ii. The Company has made provision as at 31 March 2015, as required
 under the applicable law or Accounting Standards, for material
 foreseeable losses, if any, on long-term contracts including derivative
 contracts;
 
 iii. There has been no delay in transferring amounts, required to be
 transferred, to the Investor Education and Protection Fund by the
 Company during the year ended 31 March 2015.
 
 Annexure to Independent Auditors'' Report Referred to in paragraph 9 of
 the Independent Auditors'' Report of even date to the members of Bajaj
 Auto Ltd. on the standalone financial statements as of and for the year
 ended 31 March 2015
 
 1. (a) The Company is maintaining proper records showing full
 particulars, including quantitative details and situation, of fixed
 assets.
 
 (b) The fixed assets are physically verified by the Management
 according to a phased programme designed to cover all the items over a
 period of three years which, in our opinion, is reasonable having
 regard to the size of the Company and the nature of its assets.
 Pursuant to the programme, a portion of the fixed assets has been
 physically verified by the Management during the year and no material
 discrepancies have been noticed on such verification.
 
 2. (a) The inventory excluding stocks with third parties has been
 physically verified by the Management during the year. In respect of
 inventory lying with third parties, these have substantially been
 confirmed by them. In our opinion, the frequency of verification is
 reasonable.
 
 (b) In our opinion, the procedures of physical verification of
 inventory followed by the Management are reasonable and adequate in
 relation to the size of the Company and the nature of its business.
 
 (c) On the basis of our examination of the inventory records, in our
 opinion, the Company is maintaining proper records of inventory. The
 discrepancies noticed on physical verification of inventory as compared
 to book records were not material.
 
 3. 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 Act. Therefore, the provisions of clause
 3(iii), (iii)(a) and (iii)(b) of the said Order are not applicable to
 the Company.
 
 4. In our opinion, and according to the information and explanations
 given to us, there is an adequate internal control system commensurate
 with the size of the Company and the nature of its business for the
 purchase of inventory and fixed assets and for the sale of goods and
 services. Further, on the basis of our examination of the books and
 records of the Company, and according to the information and
 explanations given to us, we have neither come across, nor have been
 informed of, any continuing failure to correct major weaknesses in the
 aforesaid internal control system.
 
 5. The Company has not accepted any deposits from the public within the
 meaning of sections 73, 74, 75 and 76 of the Act and the Rules framed
 there under to the extent notified.
 
 6. The Central Government of India has not specified the maintenance of
 cost records under sub-section (1) of section 148 of the Act for any of
 the products of the Company.
 
 7. (a) According to the information and explanations given to us and
 the records of the Company examined by us, in our opinion, the Company
 is regular in depositing the 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, as applicable, with the
 appropriate authorities.
 
 (b) According to the information and explanations given to us and the
 records of the Company examined by us, there are no dues of wealth-tax,
 cess which have not been deposited on account of any dispute. The
 particulars of dues of income tax, sales tax, service tax, duty of
 customs, duty of excise, value added tax as at 31 March 2015, which
 have not been deposited on account of a dispute, are as follows:
 
                                                 (Rs. In Crore)
 
 Name of                                         Period to which the
 the statute       Nature of dues       Amount   amount relates
 
 Excise Duty   Additional demand
               received                 1.46     Various years
               Additional demand    
               received                24.66     Various years
 
               Additional demand 
               received                 1.79     Various years
 
               Additional demand 
               received                 6.13     
                                      Financial 
                                   year 1983-84
 
 Sales Tax     Additional demand 
               received on the 
               basis of assessment 
               order                   91.04     Various years
 
 
 
 
 Name of the statute         Forum where the
                             dispute is pending
 
 Excise Duty                 Commissioner Appeals
 
                             CEGAT
 
                             High Court
 
                             Supreme Court
 
 Sales Tax                   Joint Commissioner of
                             Sales Tax
 
 
 
 Name of                                         Period to which the
 the statute       Nature of dues       Amount   amount relates
 
 
 Sales Tax      Additional demand
                received on the  
                basis of assessment 
                order                    0.10    Financial year 2010-11
 
                Additional demand 
                received on the basis of         Financial year
                assessment order                 2001-02 to 2004-05,
                                        33.20    2008-09 and 2009-10
 
 Income Tax     Department appeal 
                against CIT(A) order    12.19    Financial year
                                                 2007-08
 
                Additional demand
                received on the basis of
                assessment order       407.31    Financial year 2011-12
 
 Service Tax    Other matters            3.78    For the year 1997-2000
                Denial of credit                 Various years
 
                                         2.38    2004 to 2008
 
 Customs Duty   Recovery of duty by 
                treating the vehicles
                as not fuel efficient    3.85    Financial year 1984-86
 
 
 Name of the statute         Forum where the
                             dispute is pending      
 
 
 Sales Tax                   Additional Commissioner
                             of Sales Tax - Appeals
 
                             Tribunal
 
 Income Tax                  ITAT
 
                             CIT(A)
 
 Service Tax                 High Court
 
                             CESAT
 
 Customs Duty                High Court
 
 c) The amount required to be transferred to Investor Education and
 Protection Fund has been transferred within the stipulated time in
 accordance with the provisions of the Companies Act, 1956 and the Rules
 made thereunder.
 
 8. The Company has no accumulated losses as at the end of the financial
 year and it has not incurred any cash losses in the financial year
 ended on that date or in the immediately preceding financial year.
 
 9. As the Company does not have any borrowings from any financial
 institution or bank nor has it issued any debentures as at the Balance
 Sheet date, the provisions of clause 3(ix) of the Order are not
 applicable to the Company.
 
 10. In our opinion, and according to the information and explanations
 given to us, the Company has not given any guarantee for loans taken by
 others from banks or financial institutions during the year.
 Accordingly, the provisions of clause 3(x) of the Order are not
 applicable to the Company.
 
 11. The Company has not raised any term loans. Accordingly, the
 provisions of clause 3(xi) of the Order are not applicable to the
 Company.
 
 12. During the course of our examination of the books and records of
 the Company, carried out in accordance with the generally accepted
 auditing practices in India, and according to the information and
 explanations given to us, we have neither come across any instance of
 material fraud on or by the Company, noticed or reported during the
 year, nor have we been informed of any such case by the Management.
 
                                                 For Dalal & Shah
 
                                Firm Registration Number: 102021W
 
                                            Chartered Accountants
 
                                                 Russell I Parera
 
                                                          Partner
 
                                         Membership Number: 42190
 
 Pune: 21 May 2015
 
 
 
 
 
Source : Dion Global Solutions Limited
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